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1
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1answer
33 views

Ask rebate in loan repayment

The interest rate made my loan to a very large amount from the one which i borrowed since I could not pay it for some time(I missed some EMI). Now I have money to pay it full, Can I ask bank to allow ...
1
vote
0answers
31 views

What counts as 'qualified government orders'?

In 2008, we received a first time home buyer credit. In 2010, I became a government employee. In 2015, I transferred to a new position in a new city which made me part of the intelligence community. ...
3
votes
3answers
139 views

Mortgage refinancing

Lets say I buy a house worth £350k with a mortgage of 30 years. Down-payment of £50k and monthly £1250 with 3% interest. After 5 years I realized I can afford £5k monthly, can I pay off some debt to ...
5
votes
2answers
147 views

What is the formula for the monthly payment on an adjustable rate mortgage?

Can people tell me how monthly payments are calculated when a mortgage has an initial rate? What is the formula? I have seen online calculators but not formulae. My guess is: We assume that the ...
15
votes
5answers
3k views

At what point should I begin paying off student loans?

I am attending a rather pricey American university, and most of my money for tuition comes from grants and loans. Grants are great, but obviously I have to pay off loans at some point. I have some ...
0
votes
3answers
209 views

Mortgage payments

Background I was watching a video about mortgage-backed securities on Khan Academy (ref. this video, skip to 2:32), and something struck me as odd about the way he presented the mortgage model. He ...
4
votes
2answers
112 views

Does paying more frequently on a simple interest auto loan save me money?

My Auto loan is calculated by "simple interest". Would paying weekly save me money? If so, wouldn't paying daily save me even more money?
4
votes
2answers
123 views

How to recalculate an amortization table after making a large payment?

I have an auto loan I wish to apply a very large amount to. I have a amortization table that shows me details for each payment I make. Here's where it gets complicated... My lender does not allow ...
3
votes
2answers
128 views

Do home loans ever have a limit on what can be paid toward the principal?

Do home loans ever have a limit on what can be paid toward the principal during each month (or billing cycle)? In other words: Do some lenders prohibit taking out a home loan and paying it completely ...
2
votes
1answer
64 views

Student Loan Repayment

I have 3 private student loans. Outstanding Principal Balance taken 08/2011 $15,000.00 Outstanding Accrued Interest as of 08/21/15 $6,678.26 Interest Rate 11.75% Outstanding Principal Balance ...
5
votes
2answers
347 views

Will paying off my mortage quickly harm my chances in the future?

I'm currently nearing the end of the first year of my new 25-year mortgage, which is a five-year fixed plan at 3.39%. As it stands, I can make overpayments of up to 10% of the original loan every year ...
0
votes
1answer
47 views

How do investments on projects work

I am a newbie with loans and investments. I really want to know the difference between loans and investments on a project. I have a solar project for which I am looking for investments. I heard that ...
3
votes
3answers
308 views

Can anyone help me understand my loan payment?

My loan was $40500 for five years with 9% interest per year. I do not understand the total I would have to pay. I have been paying 700 per month since 2006 and it feels like I've been paying forever. ...
2
votes
0answers
50 views

Does GAAP have rules for skipping a scheduled payment to avoid penalty on future payment [closed]

The purchase contract on a business has a set schedule of payments and if a payment is not paid timely, a late fee penalty is required, and if not paid within a set time period, interest is to be ...
1
vote
2answers
80 views

How does one compare repayment of a loan based on a fixed payment of some dollar per $1000 borrowed?

I'm having some difficulty understanding the payment fees of a possible home equity line of credit (HELOC). The HELOC is for $270k, with a stated repayment period of 15 years at 2.75% APR. The credit ...
2
votes
1answer
61 views

Do I repay Social Security Disability Insurance (SSDI) if I suddenly have income and assets

I have four chronic disabling diseases and have received Social Security Disability Insurance (SSDI) for 10 years. If I suddenly own a home and income property, must I repay social security? If so, ...
3
votes
1answer
174 views

Is the repayment of monies loaned to my company considered income?

I have been working diligently for years to get my business off the ground. I have been funding its monthly operation via my personal funds, each month lending the company (an LLC) just enough to pay ...
2
votes
2answers
183 views

Why am I not entitled to keep the money given to me by the Government in error?

unemployment insurance made a mistake by giving me money that I wasn't entitled in the first place and I didn't know till recently they with held my state tax, I went to department of labor in my ...
0
votes
1answer
315 views

Are 401K loan repayments considered tax deductible?

I took out a 401k loan 1.5 years back for a home down payment. The loan had a 36 month term, and I was making payments thro' payroll deductions from my employer. I recently quit that job, and I am ...
23
votes
8answers
8k views

To pay off a student loan, should I save up a lump sum payoff payment or pay extra each month?

I am a new college graduate with a student loan of $17k at 6.8% interest. The monthly minimum payment due is $193. I have been paying the minimum amount, and then taking that same amount and placing ...
0
votes
1answer
100 views

When should I reduce my student loan payments in order to save up for a down payment on another loan?

I'm currently paying off a little over $13,500 of student loans, at a rate of $300 a month and accrues approximately $60 of interest each month. My bi-weekly take-home salary is approximately $1,350 ...
2
votes
3answers
693 views

Amortization Payments with a delay in initial payments

Typically a loan is disbursed and a month later is when payments are to be made. But there can be an agreement where it's to be delayed for a year or as short or as long as they want. I'm wondering ...
2
votes
3answers
861 views

Paying off Overdraft first or Credit Card

I have accumulated 18 000 in debt between my Credit Card (-8000, interest=16%) and Cheque Account Over Draft (-10 000, interest=15%). I make 10 000 per month, and I have around 3000 after all my needs ...
0
votes
1answer
149 views

Could you save money by not paying your student loans

I read an article that discusses a woman refusing to pay her student loans. In the end, she claims she saves money because she defaults on her loans, thus her loans grow without interest, and her ...
4
votes
3answers
2k views

How do I calculate interest on a personal loan with irregular withdrawals and payments?

Several years ago, I loaned money to a family member. They borrowed different amounts at irregular intervals. They are now beginning to repay, so I want to establish exactly how much they owe. I have ...
1
vote
3answers
210 views

Auto debit vs slight over-payment - which is better for a student loan?

I have a pair of student loans at 5.12% (the Sub and Unsub halves of a consolidation). My lender offers a 0.25% rate reduction if I sign-up or auto debit - but only if I terminate online billing. As ...
0
votes
0answers
47 views

Tuition related repayment deduction [duplicate]

My issue is similar to Tax treatment of repaid tuition after employment termination but I have not enough reputation to comment there. Megacorp paid my tuition. They made the payment directly to ...
7
votes
2answers
516 views

How can I take out a loan to repay my parents for school debt?

Background I am in the US. I got into a great school for undergrad that was expensive. My parents hadn't prepared for this and borrowed against their home equity to help pay for it. The amount of ...
5
votes
3answers
142 views

Deciding on whether to redraw from mortgage

I'm trying to work out whether or not there will be any benefit in redrawing from my mortgage to pay off my car loan. The idea is that if I pay off the loan, I can use the monthly car payments as ...
12
votes
1answer
338 views

Myth, or not: If using a secured card to build credit, paying off in part each month has more benefit than paying in full?

Does paying off a secured credit card in full each month not allow me to build a credit history? I'm asking because reading about regular credit cards indicates that paying in full helps build a good ...
3
votes
3answers
549 views

Can I draw funds from a personal line of credit to pay its own monthly “minimum payment”?

I can guess the answer to this question, but I can't figure out why. So here goes... I've got an unsecured line of credit with a limit $30,000. The annual interest rate is 6%, compounded daily. ...
3
votes
2answers
2k views

Monthly/Annual Payments Calculation with percentage increase to equal exact dollar amount over exact specified period

I'm not sure if this is the right place to ask this kind of a question, but here it goes. I have the following information: A = Total amount needed B = Number of periods (monthly, 12 payments of ...
12
votes
1answer
746 views

$140,000 student debt. What are my options? Please help

As the title states, I am about to finish my PhD with $140,000 dollars worth of student debt. Assuming I even obtain my desired position—a university professor—my salary will be in the upper $40,000. ...
0
votes
1answer
108 views

Mailed in One-time Payment by Check

I make payments to my monthly credit card account via pay by phone. Two months ago my boyfriend made a one time payment on my credit card account (payment was mailed via check). I resumed by pay by ...
0
votes
3answers
2k views

Will paying off a credit card early affect my credit score?

I am 24 years old and have been trying to keep a close eye on my credit. I know that I should be using about 20% of my credit limit. However, I now have about 40% used. I have plenty of money and I ...
1
vote
2answers
598 views

I have a loan with a 6.5% interest rate. Should I divert money into my 401(k) instead of prepaying?

I have a loan with a fixed 6.5% interest rate, with an absurdly low minimum payment, so I have been paying extra each month (about enough so that the loan will have a 10-year repayment lifetime ...
1
vote
2answers
593 views

What is a formula for calculating equity accumulated while repaying car loan?

I'm going to buy a used car (maybe a Honda CR-Z), pay for it with a bank loan, then resell it in two years when I move. I'm trying to create a Google Docs spreadsheet to figure out how much more money ...
3
votes
2answers
972 views

What is the best way to pay back a(n unaffordable) private student loan?

Let's say I owe a private student loan of $50,000, and it's already been discharged to a 3rd party for collections. Monthly payments would be several hundred dollars, which is something I cannot ...
1
vote
1answer
266 views

Can student loan minimum payments go up upon full repayment of another?

I am in the U.S. and currently paying off student loans. Here is a hypothetical situation that shows what I am asking about: I have 5 loans (all from one financial institution) of $1,000 a piece, ...
5
votes
1answer
178 views

How do Income Contingent student loan payment plans work?

In order to benefit from Public Service Loan Forgiveness, I need to select a payment plan that leaves a balance on year ten. Thus far I've focused on Income Based Repayment, which is a newer option ...
7
votes
1answer
290 views

Repayment of 2010 First-time Homebuyer Tax Credit

My wife and I received the full $8000 first-time homebuyer tax credit when we bought our home in April 2010, but we're now planning to move. According to the IRS, since we've lived here for less than ...
1
vote
1answer
200 views

PV problem: lump sum payoff or continue quarterly payments

I am is faced with a choice of two alternatives. There really is no right or wrong answer, I just want to hear someone else's input/methodology. Here are the two choices: Keep paying $5,722.56 for ...
12
votes
6answers
828 views

Can I pay a 30 year fixed loan like a 15 year fixed loan?

I'm on a 30 year fixed loan with the following properties: 5% interest No penalty for early payments Pretty recent loan, hardly any equity I'd rather be on a 15 year fixed loan, so that I can pay ...
1
vote
2answers
2k views

How to calculate equal payments based on different interest rates?

Below, I have a cash flow chart showing the loan received ($30000) at the beginning, and three equal payments (amount we want to know [x on chart]), based on their period, for reimbursement of loan: ...
2
votes
1answer
1k views

First time home-buyer incentives require 3 years of primary residence, but can I move if I'm laid off?

My wife and I are 25-months into an FHA loan (we received a first time home buyer tax credit), and I seem to recall that we cannot sell or rent the property for at least 36-months. That wasn't a ...
2
votes
2answers
210 views

Choosing the duration of a loan, how the monthly payments evolve in function of the loan term?

I would like to visually discover how the monthly repayments of a given loan (for a given amount ; taking about a fixed rate loan) evolve in function of the total duration of the loan. I assume it is ...
19
votes
6answers
7k views

Should I pay off my 50K of student loans as quickly as possible, or steadily? Why?

I was an idiot in college. I basically just used student loans and got very few grants. I also spent way too much time in there. I now have two bachelor's degrees and a master's degree. About 7 ...
8
votes
4answers
274 views

Is there any circumstance in which it is necessary to mark extra payments on a loan as going to “principal and not interest”?

I've heard for years - and not believed - that it was necessary to mark extra payments, clearly targeted towards a particular loan, as "apply to principal" or any other such magic wording in order to ...
6
votes
7answers
1k views

Reducing mortgage term by paying off a chunk of the principal each quarter - how effective is this?

A family member once told me about a method for reducing the term of a mortgage "significantly". They didn't know (or I can't remember) the details but it had to do with certain mortgages that ...
8
votes
4answers
1k views

What do you do when a family member won't pay you back?

What do you do when a family member won't pay you back?