Glossary Terms

Current Balance

When referring to a loan, such as an auto loan or a mortgage, your current balance is the amount you currently still owe on the loan according to the date of your statement.

When referring to a loan, such as an auto loan or a mortgage, your current balance is the amount you currently still owe on the loan according to the date of your statement. Your current balance does not include interest that would be charged to the balance if you were to continue with your monthly payments.

If you wish to pay your loan in full, you will owe slightly more than your current balance due to interest being charged daily. Speak with your loan servicer for an exact payoff amount.