Solar loan payoff calculator
When a home with a financed solar system sells, the loan is usually paid off at closing or assumed by the buyer. Enter the loan terms to estimate the balance at the closing date.
How it works
The calculator uses standard loan amortization: each month, interest is the balance times the APR divided by 12, and the rest of the payment reduces the balance. Everything runs in your browser; nothing you type is sent anywhere.
Questions
Does a solar loan have to be paid off when the house sells?
Many solar loans let a qualified buyer assume the loan, but most are paid off at closing from the sale proceeds. The lien or UCC-1 filing tied to the loan has to be released either way.
Why might the real payoff be different?
Solar loans often expect a lump-sum paydown around month 18, usually the tax credit amount. If it was not paid, the monthly payment steps up and the balance follows a different schedule. Only the lender's payoff letter is exact.
How do I get the exact payoff amount?
Ask the loan servicer for a written payoff statement good through the closing date. The title or escrow company usually orders it.
What is a UCC-1 filing?
A UCC-1 is a public notice that a lender has an interest in the solar equipment. It is usually terminated when the loan is paid off.
Have the actual contract?
These calculators use the numbers you type. RateMySolar reads the contract itself and gives a graded report card with the MLS solar fields and a remarks description included, for $49.99.
Upload the contractMore free tools: all solar calculators · solar glossary
Estimates only · not financial or legal advice