pay off. 1. To pay the full amount on (a debt). 2. To result in profit or advantage; succeed: Your efforts will eventually pay off.
« Your effort has paid off. » = « Pay off » here means led to benefits /success. It is intransitive (no object), so it can’t be in the passive voice. « My house has been paid off. » = « Pay off » means to make the last payment on something.
Have paid off or has paid off?
So “have paid off” is not correct and “had paid off” is correct. Depending on tense, “has paid off” and just “paid off” would also be correct.
Has paid off meaning?
« Your effort has paid off. » = « Pay off » here means led to benefits /success. It is intransitive (no object), so it can’t be in the passive voice. « My house has been paid off. » = « Pay off » means to make the last payment on something.
What is another word for paid off?
In this page you can discover 27 synonyms, antonyms, idiomatic expressions, and related words for pay off, like: payment, conclusion, reward, result, discharge, let-go, drop from the payroll, adjustment, pay, dismiss and pay back.
How do you use paid off in a sentence?
1, My persistence in demanding my rights finally paid off. 2, Her persistence paid off when she was offered the job of manager. 3, All her hard work paid off in the end, and she finally passed the exam. 4, He paid off the debt of his friend with the money raised by his writings.
What does paid off mean for a house?
Once your mortgage is paid off, you’ll receive a number of documents from your lender that show your loan has been paid in full and that the bank no longer has a lien on your house. These papers are often called a mortgage release or mortgage satisfaction.
What does getting paid off mean?
paid off; paying off; pays off. Definition of pay off (Entry 3 of 3) transitive verb. 1a : to pay (a debt or a creditor) in full. b : to give all due wages to especially : to pay in full and discharge (an employee)
Has paid or had paid?
The term « had paid » is past perfect tense and « have paid » is present perfect. 🙂
What does payoff amount mean?
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. . Your payoff amount also includes the payment of any interest you owe through the day you intend to pay off your loan.
What to do when house is paid off?
– Double Check Your Balance. .
– Call Your Lender for Instructions. .
– Expect to Receive a Note of Debt Cancellation. .
– Investigate Your Property Tax Obligations. .
– Call Your Home Insurance Provider. .
– Plan on What You’ll Do With Your Extra Money. .
– Understand Your Equity Availability.
What do you pay once a house is paid off?
Once you’ve paid off your loan, your lender should mail you your original promissory note with the words « Paid and canceled » or something similar to this to explicitly state you’ve satisfied your debt. . Your lender might not cancel your mortgage, since you could still take out a loan against your mortgage.
Is your principal balance same as payoff amount?
The principal balance is the remaining principal due on the loan. . However, a payoff is the amount owed on the loan to pay it off on a specific day. Note that interest on a conventional mortgage accumulates daily*.
How do I figure out my loan payoff amount?
Each month the lender multiplies the principal balance owed by 1/12th of the annual percentage rate. This amount is then deducted from the payment amount. The amount remaining after the interest charge is deducted is the amount of your payment that will be used to reduce the principal amount owed.
What does it mean to pay off a house?
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance. . Your payoff amount also includes the payment of any interest you owe through the day you intend to pay off your loan.
Is it a good idea to payoff your house?
Paying off your mortgage early frees up that future money for other uses. While it’s true you may lose the mortgage interest tax deduction, the savings on servicing the debt can still be substantial. . But no longer paying interest on a loan can be like earning a risk-free return equivalent to the mortgage interest rate.
How do you calculate remaining balance on a loan?
– B = Remaining Balance.
– L = Original loan amount.
– P = Payment amount.
– R = Interest rate per payment.
– N = Number of payments.
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