Updated October 01, 2019 17:59 How does my mortgage get paid off? Once the contract is signed, an escrow account is opened. On your closing date (which you determine), the escrow agent will send the payoff amount to your mortgage lender, and the remaining funds will be wired to your bank account. Related articles What happens to my appliances when I move out? What happens to my home after I’ve sold it to Opendoor? When do I need to move out of the house? Can I change my close date while I’m in contract? How long does the home buying process take?