This form is a sample letter in Word format covering the subject matter of the title of the form.
A sample payoff letter with per diem is a document that outlines the details of a loan or debt payoff agreement. It specifies the amount owed, the interest accrued, and any additional fees or charges such as per diem. A sample payoff letter with per diem typically includes the following information: 1. Contact Information: This section includes the name, address, and contact details of both the borrower and lender. 2. Loan Details: It provides a comprehensive description of the loan, including the loan amount, the interest rate, the loan maturity date, and any relevant account or reference numbers. 3. Principal Balance: This section outlines the remaining principal balance owed by the borrower. It includes the original loan amount, any previous payments made, and calculates the current outstanding balance. 4. Interest Accrued: Here, the letter highlights the total interest accrued on the loan, often broken down by the loan's period. It should specify the interest rate or rates applied and the calculation method. 5. Per Diem: The sample payoff letter with per diem will specify if there are any per diem charges applicable. Per diem charges are daily fees calculated based on the outstanding balance and loan agreement terms. The letter should state the per diem rate and the days for which it applies. 6. Additional Fees: If there are any other fees or charges associated with the loan, such as late payment penalties or legal fees, they should be itemized and described in this section. 7. Total Payoff Amount: This section provides a detailed breakdown of the total amount required to satisfy the loan. It includes the principal balance, interest accrued, per diem charges, and any additional fees. The letter should clearly state the grand total and a deadline for payment. Types of Sample Payoff Letter with Per Diem: — Mortgage Payoff Letter with Per Diem: This type of letter is specifically designed for mortgages, providing all the necessary details related to the mortgage, including principal balance, interest accrued, and per diem charges. — Auto Loan Payoff Letter with Per Diem: Similar to the mortgage payoff letter, this type specifically applies to auto loans. It includes information such as the vehicle details, loan amount, interest rate, outstanding balance, and per diem charges. — Personal Loan Payoff Letter with Per Diem: This type of payoff letter caters to personal loans and covers all relevant details of the loan, principal balance, interest accrued, and applicable per diem charges. In conclusion, a sample payoff letter with per diem is a crucial document that summarizes loan details, specifies the outstanding balance, interest accrued, per diem charges, and any additional fees. The letter acts as formal communication between the borrower and lender, ensuring transparency and clarity during the loan payoff process.
