The Payoff Calculator is used to calculate a single payment amount that results in a zero balance on the account. The Payoff Calculator dialog is only available while in the Account view. Access to this dialog is controlled by the User Class table. The payoff calculation uses some fields from the current account data (Accounting Extract) along with input from the user to determine the payoff amount. The calculation is a simple interest calculation based on the interest rate of the account or the rate entered by the user.
The Payoff activity is recorded using the PO activity code when the user selects Save from the Payoff Calculator dialog. The Save button is only available after a payoff calculation has been completed successfully.
Follow these steps to Calculate a Payoff amount for an account:
1. Click Payoff Calculator from the Account View Tools menu.
2. Enter the appropriate fields for calculating the payoff.
3. Click Calculate to perform the calculation based on the information entered on the dialog.
4. Click Save to save the payoff calculation results as a permanent part of the account history. The payoff calculation results can be reviewed on the History view.
5. Click Cancel to close the Payoff Calculation dialog box without saving a permanent record of the payoff calculation as history text.