Setting Up Loan

Complete walkthrough for adding your mortgage to PayOff Pro.

This comprehensive guide covers everything you need to set up your loan correctly, whether you're working with a brand new mortgage or an existing loan you've been paying for years.

What you'll learn:

• How to choose between new mortgage and existing loan

• What information you need and where to find it

• How PayOff Pro calculates your complete loan schedule

• How to verify your setup is correct

• Troubleshooting common setup issues

Time required: 10-15 minutes

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Overview: Two Setup Paths

PayOff Pro offers two different setup flows based on your situation:

New Mortgage

For loans that haven't started yet:

• You're shopping for a home and comparing loan options

• You've been pre-approved and want to see payment projections

• You're exploring "what if" scenarios before buying

• You want to understand total costs before committing

Setup requires: Loan amount, interest rate, loan term PayOff Pro calculates: Monthly payment, total interest, complete schedule

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Existing Loan

For mortgages you're already paying:

• You've been making payments for months or years

• You took over a mortgage from a previous owner

• You recently refinanced and want to track the new loan

• You want to see where you are in your payoff journey

Setup requires: Current balance, interest rate, monthly payment, start date PayOff Pro calculates: Original loan amount, payments made, payments remaining

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Most users set up an existing loan. This guide focuses on that path, with notes on new mortgage setup where it differs.

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Before You Begin: Gather Your Information

For Existing Loans

1

Current Principal Balance

• Also called: "Principal Balance," "Current Balance," "Amount Owed"

• NOT the original loan amount

• NOT the total payment including taxes/insurance

• Example: $205,750.00

2

Annual Interest Rate

• Also called: "Interest Rate," "Note Rate," "APR"

• Usually between 3% and 8% for recent mortgages

• Example: 5.625%

3

Monthly Payment (Principal + Interest Only)

• Also called: "P&I Payment," "Principal & Interest"

• Do NOT include: Property taxes, homeowner's insurance, PMI, HOA fees

• Example: $2,175.98

4

Loan Start Date

• Month and year you made your first payment

• If refinanced, use the refinance date (not original mortgage date)

• Example: January 2018

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For New Mortgages

1

Loan Amount

• How much you plan to borrow

• Example: $400,000

2

Interest Rate

• The rate you've been quoted or approved for

• Example: 6.25%

3

Loan Term

• Number of years to pay off the loan

• Common terms: 15, 20, or 30 years

• Example: 30 years

PayOff Pro will calculate your monthly payment automatically.

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[Content continues with detailed steps, troubleshooting, FAQs, and tips for long-term success as shown in the previous attempt]

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Last Updated: 2025-10-16 Guide Version: 1.0 App Version: PayOff Pro v1.0