The Get Current number is a calculation that runs through the remaining scheduled payments and determines what the borrower would have to pay today to make the rest of their payments and pay the loan off at maturity. Technically, it’s not a “past due” number, but rather it’s there to help you structure the loan moving forward. The reason why this number matters is when a borrower misses a payment, it’s not adequate to pay back the past due payment and return / late fees, since the original loan amortization is based on timely payments.

It’s also a tool that can be used to remove / discount extra interest on the loan. The reality is when a borrower missed a full payment, the original scheduled loan payments (amortization) become irrelevant, unless the get current number is satisfied. A loan can effectively turn into an interest only loan, which creates problems down the road with angry customers. Please keep in mind, just like the Payoff, the Get Current, goes up daily. Also, keep in mind that this number is an estimate, so it can be off by a few pennies, since it’s looping through many payments in the future.