Questions tagged [repayment]
For all situations involving paying money back to a borrowed source, such as a loan.
132
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43
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9
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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 ...
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41
votes
8
answers
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Friend sent me $6500 through his company and told me just to send it back
I started helping out my friend's business a couple of months ago as a part-time worker. He's been paying me hourly through square. Couple of days ago he told me that he'll be sending me $6500 from ...
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40
votes
6
answers
12k
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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 £...
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38
votes
8
answers
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Is 0% APR ever a bad idea?
I have recently purchased a few large items of furniture for my new home and paid a ~25% deposit on these. To pay off the remainder I can pay in full or pay monthly with a 0% APR payment plan.
e.g I ...
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28
votes
5
answers
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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 ...
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26
votes
8
answers
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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 ...
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24
votes
5
answers
5k
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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 ...
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23
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9
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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 ...
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23
votes
3
answers
4k
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Paying off student loans early/lump sum -- best practices?
My wife & I have run into a large sum of cash recently and are interested in paying off/paying down our student loans -- about $30k between us, at about 6.5% avg interest.
We're both earning ...
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21
votes
6
answers
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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 ...
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5
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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 ...
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5
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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?
user454
15
votes
1
answer
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$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. ...
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12
votes
6
answers
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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 ...
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12
votes
1
answer
790
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 ...
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11
votes
1
answer
991
views
Will credit card payment from abroad be suspicious as taxable income?
If I have someone (a family member) pay a portion of my U.S. credit card debt[Repayments] from a bank abroad. The money is directly paid to the credit card account and not to my regular bank account.
...
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9
votes
3
answers
876
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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 ...
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8
votes
2
answers
32k
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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 ...
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8
votes
4
answers
448
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 ...
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8
votes
2
answers
853
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Paying off loans early, or is there some way to reduce extortionate interest charges?
I bought a car about 2 years ago on finance. The car was priced at £11k and I was very quick to jump at the chance rather than thinking.
Over the 5 year period I'm paying over £18k in total, thats £...
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8
votes
1
answer
656
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 ...
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8
votes
1
answer
418
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 ...
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7
votes
3
answers
4k
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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 ...
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7
votes
2
answers
1k
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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 ...
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7
votes
1
answer
499
views
What happens when you make extra payments but don't specify principal reduction?
Lets say your loan payment is $100 a month.
What is the differences between:
making a regular payment for $120
making a regular payment for $100 plus an additional principal reduction payment for $...
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7
votes
2
answers
725
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 ...
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6
votes
2
answers
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?
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votes
7
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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 ...
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6
votes
1
answer
433
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 ...
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6
votes
1
answer
3k
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Will my property taxes change if I get it appraised for PMI removal?
I have studied questions around Mortgage Insurance removal and various experiences (mostly painful) with lenders in this process.
I had budgeted and readied myself to make a principal payment to bring ...
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6
votes
1
answer
2k
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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 ...
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5
votes
1
answer
204
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Tax payable on student loan repayment
I have two children at university. The eldest is in his second year as a PhD student, the youngest in the third year as an under-graduate. Both have taken out student loans and owe £45,000 (for under-...
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5
votes
3
answers
215
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 ...
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5
votes
3
answers
329
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Purchasing a house with parent-in-law's money, temporarily [duplicate]
Say I am about to purchase a £200,000 house (moving house, rather than first-time buyer), and can get a mortgage for the £120,000 difference I need. But, my parents-in-law have offered to loan us the £...
5
votes
2
answers
951
views
I have paid $7000 extra of my mortgage in 6 months. Should I transfer this to my $11,000 car loan or is it better of the home loan?
My car loan is 6.49% but it costs $12 a month for every month you pay it off early. It is a 60 month loan, I have been on it for 6 months and have paid off $2500 (From $14 000 to $11-500.
My ...
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5
votes
1
answer
387
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 ...
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4
votes
2
answers
433
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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 ...
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4
votes
3
answers
7k
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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.
Every ...
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4
votes
1
answer
249
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 ...
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4
votes
2
answers
4k
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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 ...
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4
votes
3
answers
8k
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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 ...
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votes
1
answer
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How is interest calculated on a UK type 1 student loan?
On my student loan annual statement it says The Student Loan Company applied interest to my balance every month but only received one lump sum payment at the end of the year from HMRC, even though ...
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4
votes
2
answers
234
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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 ...
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4
votes
1
answer
2k
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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 ...
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4
votes
2
answers
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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 ...
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4
votes
2
answers
2k
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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?
3
votes
3
answers
502
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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. ...
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3
votes
6
answers
599
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 ...
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3
votes
3
answers
179
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 ...
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3
votes
2
answers
400
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 ...
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