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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

PENNYMAC's pay off


Repayment of loan

Online Automatic Monthly Payments

Using this option, your payments are debited automatically every month on the date you specify.

  1. Log into your PennyMac Financial Services account and select "Make a Payment," then "Automatic Payments."

  2. To enroll, simply follow the three-step process. You need your bank account and routing number to sign up for the service.

  3. Paperless: Simplify your mortgage by having 24/7 access to all of your statements. Log in to your PennyMac account and go to "Account Settings," then "Paperless Preferences," then "Online Only." You can always change your mind.

Online Single Payment

Use the easy "One-Time Payment" option from your computer, tablet, or smartphone to make your mortgage payment online with your checking, savings, or debit card.

  1. Log in to your PennyMac account using any browser, or get the PennyMac Mobile app. Select "Make a Payment," then "One-Time Payment."

  2. Make your payment with your bank account or debit card in two simple steps.

Pay by Mail

If you have chosen this payment method, you will receive a PennyMac payment coupon. When mailing your payment, provide your loan number.

If your loan was recently transferred to PennyMac and you haven't received a PennyMac payment coupon, you may submit your payment to the business mail address.

Pay by Phone

Use the automated phone system to make a free One-Time Payment directly from your checking or savings account. You can also speak with one of the Customer Service Representatives, though this may incur a fee.

Western Union

Use Western Union to ensure that your payment is received immediately. Look up at the nearest Western Union location. To complete your payment, simply bring your loan number to the service counter.

Conditions of loan extension

PennyMac can extend the loan repayment period - "Best Efforts Commitment Extension." Sellers may extend a Best Efforts commitment’s commitment delivery due date for a maximum cumulative period of 30 calendar days or the initial commitment term. The minimum for a Best Efforts extension is one calendar day. PennyMac may offer extra extensions on a case-by-case basis.

Early payoff

If you want to pay off your debt, PennyMac doesn't take prepayment penalties. Here are four common strategies:

Make additional payments

You can make one additional payment every year—a "13th-month" payment. Or divide the "13th-month" amount by 12 and add that amount to each month’s payments.

Round up payments

If an extra payment per year is too much, you can round up. Consider your monthly payment of $1,542.75 and you round up to $1,600. The extra $57.25 isn’t a lot, but could bring the amortization schedule down by a couple of years.

When possible, make additional lump sum payments

If you received unexpected money, apply it to your mortgage debt to shorten the term of your loan and the amount of interest you pay.


The most powerful of these strategies is refinancing, but it requires you to pay closing expenses. It's also less adaptable than the other options. When you refinance to a higher payment level, you maintain that payment level.


Can you pay off a PennyMac loan early?

Yes, you can early mortgage payoff. The company doesn't charge any prepayment fees. Just be in touch with your loan officer to choose the best option for your loan.

Can PennyMac sue you?

PennyMac business focuses on assisting clients in avoiding foreclosure. First, they try to help you find the best solution if you have a difficult financial situation. But yes, according to US laws, if you breach contract, lender may sue you.

Financial products

Home loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
up to $647,200

Effective interest rate on the product

up to 6.68%

Loan term for the financial product

10-30 years

Calculate loan payments in PENNYMAC

PENNYMAC calculator will allow you to calculate an approximate payment schedule for the loan

PENNYMAC calculator
Interest rates are given in accordance with the rates of the PENNYMAC in Washington, D.C. as of 02.10.2022
Loan amount

Enter the desired loan amount

420800 $
647200 $
Loan term

Specify the loan term for the calculation


What to focus on before applying for a loan with PENNYMAC

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between PENNYMAC and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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