A pay down is paying the loan/line of credit down to a zero balance while keeping the loan/line of credit open for future needs (Ex. Home Equity Line of Credit).
A payoff is paying the loan down to a zero balance, and then formally closing the loan with a recorded discharge thereby making it impossible to drawn on again.
If you have questions or need the payoff or pay down amount of your loan please email loanoperations@needhambank.com.
