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Questions tagged [repayment]

For all situations involving paying money back to a borrowed source, such as a loan.

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6
votes
1answer
377 views

Should I pay down mortgage faster or Invest?

I've a appx 450K mortgage left at 2.49% (5 year term with a 25 year mortgage). I've a few options to pay my mortgage faster Increase principal payment amount once/year Change payment frequency from ...
0
votes
0answers
129 views

Can I refinance my spouse's student loan?

In the recent 2 years my wife and I aggressively paid off a lot of debt in credit cards (leveraging some zero-fee, low fee balance transfer and using the money from sale of my stocks and our salaries)....
-1
votes
2answers
139 views

Part payment on loan principal

I have 2 loans, loan A and loan B, for the exact same amount , same tenure and same interest rate. I am planning to do a part payment. I am trying to figure out whether to put all of the part payment ...
0
votes
0answers
81 views

Loan forgiveness and increased income, living abroad

I am intending to pursue student loan forgiveness at the end of my 20 year period and am currently enrolled in the PAYE plan. My AGI on my income taxes for the past few years while living abroad was $...
1
vote
3answers
113 views

What's the interest rate in this example of irregular payments?

Loaned out $10K, with the following payments (like, these are all the payments there will ever be) Period 1 2 3 4 5 6 $0 $0 $0 $0 $26K $4K How would I ...
3
votes
6answers
584 views

Where should my money go first?

I have $7000 in cash. What should I pay toward first? Car Loan $17,000 @ 3.4% $532 a month payment Credit Card $3000 @ 0% interest till March 2019 Credit Card $3800 @ 0% interest till Nov 2019 Credit ...
0
votes
1answer
559 views

What is a capital repayment?

I got notified recently from a company I have shares in of a payment. I initially thought it was a dividend but under payment type it says "Capital Repayment". What does it mean, how is it different ...
2
votes
2answers
209 views

How long do I have to pay back a 401(k) loan?

I have a loan taken out on my 401k through Fidelity. The loan originated on this date: 12/19/2017. I will be leaving my current workplace and moving to a new workplace that uses John Hancock 401k. ...
2
votes
1answer
51 views

Pay off loan with MESP 529?

I made a bad decision and took a 401k loan last year. I question whether I could pay off the loan with a 529 account I have through Michigan education savings plan. I would not be pulling any money ...
3
votes
1answer
175 views

Can someone declare an item be collateral without me signing anything? And seize it? [closed]

I bought a business from someone for $20,000. After paying him everything, yesterday he messaged me, saying that my car is under collateral and he will seize the car if I don’t pay him an extra $5,000....
2
votes
2answers
531 views

Letter to lender of how to apply overpayment

I'm attempting to make an overpayment to my student loans and wish my payment to not defer my monthly payment date, not alter my payment schedule, not pay off any unpaid interest, and only be applied ...
43
votes
9answers
10k views

What are the biggest pitfalls to avoid with student loans?

More often than not I read horror stories of people such as (I've Paid $18,000 To A $24,000 Student Loan, & I Still Owe $24,000) that acquire college debt, pay monthly for years, and end up owing ...
1
vote
1answer
105 views

Lump sum vs interest free loan

I'm considering buying a service which will cost around £6000 (which I consider to be a significant amount). There is a financing option available which allows the amount to be paid off over 24 months,...
3
votes
2answers
222 views

How to Calculate a BiWeekly Repayment Loan?

I want to calculate the biweekly repayment loan. I have gotten the monthly using this formula (D) = {[(1 + i) ^n] - 1} / [i(1 + i)^n] Monthly Payment = Loan_Amount / D How can I convert this to ...
1
vote
1answer
105 views

Is it a good idea to make a lump-sum payment to pay off a personal loan, even if I want to build credit history?

I have recently received some money that I could use to repay my personal loan, however I am not sure if doing that, is a better idea than continuing paying the loan normally, with instalments taken ...
2
votes
2answers
257 views

Partially vs. Fully Amortized Loan

Isn't the article beneath wrong to interpret a Fully Amortized Loan as a loan with 7 years maturity? Isn't the correct comparator a Fully Amortized Loan with 30 years maturity, and 30 years ...
6
votes
1answer
334 views

Getting married but avoiding joint income claims

My girlfriend and I are planning on getting married. However, she has racked up quite a bit of student loans(60K+). Currently, she has been on a repayment program (PAYE) with a 20 year loan ...
2
votes
1answer
169 views

How does Sallie Mae calculate its payment?

Short Version Can anyone figure out how Sallie Mae comes up with its personal loan payment amount? Long Version I have a friend who took out a personal loan with Sallie Mae, and their payment ...
1
vote
1answer
397 views

What is nelnet doing with my auto-debit student loan payments?

I recently (A few months ago) bumped up my loan repayment. My repayment just started this year. So, I took a look at how nelnet is allocating my auto debit, and my payment history looks like this: ...
7
votes
3answers
4k views

Is it illegal for a student loan servicer to lower the minimum monthly payment after overpayments?

I've been aggressively overpaying my student loans, which has led to them lowering my minimum monthly payments. The servicer and lender can presumably argue that they are doing me a favour, but my ...
24
votes
5answers
5k views

Options for paying for a nonreturnable leased vehicle

Late last year, my girlfriend's car was stolen and subsequently destroyed. This car was a leased vehicle. For reasons beyond her control‡, the insurance had lapsed a few months prior. The ...
3
votes
2answers
1k views

Credit Card Amortization via Principal-Only Payments

On a home loan amortization schedule, I can make the monthly payment and add the principal-only owing for the "next" payment along with it, and avoid paying the interest for that next month, which ...
3
votes
3answers
380 views

What mortgage term to go for (short term)? [duplicate]

I current have a mortgage with less than 14 years on the term with an outstanding balance of approx 100k. I will be moving house in the next few months, but the house I move to (purchase) will only ...
6
votes
2answers
2k views

Is there any loan forgiveness or help for a large Federal parent student loan?

If a parent has a federal student loan for her child's education of over 100 thousand dollars, and she is having trouble paying off, is there any sort of forgiveness, or help?
1
vote
1answer
220 views

Borrowed money from a friend to pay College fee - Implications of not paying

My wife is a US Citizen. She borrowed money from a friend to pay for her college. She is unable to repay on time. She needs a bit more time, but unfortunately the lender is not ready to wait. He ...
28
votes
5answers
6k views

What method do I use to pay current expenses while paying off credit card debt?

I’m hoping you can help me with a question that seems very hard to google for some reason. I have $20K in debt on 4 cards, and I have set up a plan to pay off the deferred card on time, and the ...
23
votes
9answers
9k views

I'm unemployed. Should I pay off my credit cards to avoid monthly payments?

I'm unemployed and on a tight budget with 6 months of savings. Should I pay off my credit cards to avoid monthly payments even if it reduces half of my savings? Is there a risk of the bank reducing my ...
3
votes
1answer
87 views

How exactly does a Level / Standard student loan repayment scheme work?

I have a question regarding standard (or 'level') debt repayment plans, specifically for my student loans. Hoping someone might have some insight. "Standard repayment is a level payment plan, with up ...
3
votes
1answer
143 views

Can employee share ownership plan (ESOP) contributions to an RRSP account qualify as HBP repayment?

Can employee share ownership plan (ESOP) contributions to an RRSP account be designated as repayment towards a previous withdrawal made under the Home Buyers' Plan?
3
votes
1answer
193 views

Formula for Calculating Periodic Fixed Payments with Multiple Rate Changes

I'm trying to figure out how to extend the formula provided by Chris Degnen in this previous question What is the formula for the monthly payment on an adjustable rate mortgage? to add in a third ...
1
vote
2answers
311 views

Finding monthly payment for ordinary simple annuity with varying interest rates? [closed]

I've been working at this question for some time now and I'm quite stuck. Some help would be greatly appreciated. I can figure out recurring payments by themselves, but I'm drawing a blank when it ...
39
votes
6answers
12k views

Should I pay down my student debt early?

I just graduated university and started my first job. I have £50,000 in student loan debt at 6.1% interest. My monthly payment on this debt is £10 (direct from my paycheck). I can afford to pay £...
2
votes
3answers
600 views

Does early repayment affect the credit score?

If I take the personal loan, start making payments regularly and then decide to completely repay it - what will happen to my credit rating? Would it improve, decrease or not be affected?
4
votes
1answer
174 views

Student loan repayment question (UK)

I have significant student loan debt. I am on plan 2 repayment and just received my first payslip. I earn £22k and so by their rules I need to pay back 9% of my annual salary over £21k that being in ...
2
votes
2answers
188 views

How much is saved by changing the date of monthly mortage payments?

My mortgage is paid on the 25th of every month by a direct debit. I could change this payment to the 5th (as the money is waiting in my account). I assume (perhaps mistakenly) that I then wouldn't ...
0
votes
1answer
108 views

personal heloc to pay off rental

I have 4 properties with reasonable cash flow. These are owned by my LLC. At current payment schedules, 1 rental pays off the property in 4 years, the next in 6 Years, the next in 9 years, the last ...
1
vote
2answers
347 views

Need help on understanding the Interest Notice I got from FedLoan

I just got a interest notice which says this is not a bill. But I have hard time understanding what this notice is for, if it's not a bill then why does it asking me to pay? It says I have total ...
0
votes
1answer
175 views

Loan Prepayment

I will be applying for a car loan shortly, and trying to evaluate various lender schemes. I was not really sure when its mentioned as No Pre-Payment Penalty or Foreclosure Charges Let say I have ...
6
votes
1answer
1k views

How does Income Based Repayment work if I am self-employed?

From my understanding, income based repayment for federal student loans is based off of my yearly income. How does it work if I am self-employed and don't have a steady and predictable paycheck every ...
-1
votes
2answers
107 views

Number of Repayments [duplicate]

Say for example I take a 30 year mortgage and I make repayments fortnightly. How many repayments will I be making, will it be exactly 780? If so, how does one account for the extra days?
-1
votes
2answers
826 views

How come more interest than principal is paid at the start of repayment? [duplicate]

How come more interest than principal is paid at the start of home loan repayment? What's the rationale?
1
vote
2answers
67 views

What are the typical repayment plans for Credit Cards in the United States?

I'm not from the USA but I have a question since I'm going to be there soon. Where I'm from you can split credit card repayment to spread them over few months. For example if I bought something worth ...
4
votes
2answers
218 views

Home loan for Granddaughter

Can I use collateral of my $325000 home which I own in Australia to help my granddaughter buy a house in her name. Can the repayment be structured as Interest Only for initial few years. She is ...
1
vote
1answer
65 views

Are there any regulations regards end of loan payment procedures?

When I was a student, one of my student loans was a Federal Perkins Loan. I was done paying the loan fully about 5 months ago. Since then I called couple times to the university asking about it, and ...
9
votes
3answers
810 views

Can extra mortgage payments be made to lower the monthly payment amount?

Is it possible to set up a 30 year mortgage where extra payments lower the monthly mortgage? Typically, extra payments go to shorten the length of the loan. All real math aside, let's say I put an ...
4
votes
2answers
415 views

Understanding Credit Card Repayments and Usage

I tried reading related questions, but I can't seem to digest how credit cards really works. Here is the scenario: Credit limit: 15,000. Statement: Period: (24-Nov-2016 to 23-Dec-2016): 9000 full ...
2
votes
1answer
275 views

Term loan overpayment options: applied to principal, or…?

Twice in my life now (as of yesterday) I've found myself in a very confusion situation after having made higher-than-scheduled payments on a term loan for an extended period of time. The first time, ...
3
votes
1answer
387 views

Student Loans: Income-based repayment & income tax bomb

Situation: I have a pretty sizable student loan burden ($150,000 with 6% interest), where I can't afford the regular payments (about $2000/month) with my current salary ($60,000) at job I'm starting ...
1
vote
1answer
97 views

Mortgage: make early repayments from the beggining, or invest elsewhere and repay later?

I have a 12 years mortgage. If I have extra money, should I use it to repay early (thus saving time and interests), or should I use that money to make investments, and use the profit from those ...
2
votes
1answer
7k views

Paying off loan early: Apply overpayment toward balance vs advance payment due date?

I want to pay off half of my high interest student loan with a lump sum. I have 2 options when applying the payment: to apply the amount to my balance or to advance the due date (i.e. to apply ...