The principal balance on the above referenced loan is lower than your required monthly principal and interest payment.Gee, you'd think they could be a bit more positive than that, don't you. Then I look at the statement, which has this bold warning:
Enclosed is a payoff statement itemizing the amount necessary to pay your loan in full. Please remit this amount for your final loan payment.
ONLY VALID FUNDS WILL BE ACCEPTED FOR THE PAYOFF SHOWN BELOWSo I took some currency to the bank ... I didn't have enough loose pennies to make the fractional dollar part all pennies ... does that mean I paid cash for my house?
One of the entries on the statement is a "recording fee" of $18. Whether the marginal cost of sending a boilerplate statement to the county registrar of deeds is $18 is something I'd just as soon not investigate, but it's probably another of the strange one-off exactions the real estate industry specializes in. David Hapgood's The Screwing of the Average Man (details or compare prices) has a whole chapter on the weird world of real estate.