Questions tagged [repayment]

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

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0
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1answer
116 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 ...
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2answers
414 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 ...
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1answer
176 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
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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 ...
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2answers
114 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?
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2answers
946 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?
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2answers
71 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
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2answers
225 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
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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
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3answers
822 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
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2answers
418 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
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1answer
368 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
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1answer
424 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 ...
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1answer
104 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 ...
3
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1answer
8k 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 ...
5
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2answers
925 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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2answers
250 views

Student loan tips for repayment, consolidation for a pharmacy graduate

I am including the student loan information for a friend below. Also including a link to the excel sheet here There would be about 3,000 left every month after various expenses. Friend is a pharmacist,...
2
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5answers
321 views

How can a skipped a early repayment on a specific month can affect the cost of my mortgage?

I struggle to understand how mortgage and interest rates works. (I made up the figures to keep it simple) Some facts: My balance is £206.000 Each month I repay £950 (capital + interest) I do a ...
11
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1answer
976 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. ...
3
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2answers
1k views

Tackling an obscene amount of student loans

So, in my journey to get to where I am today, I spent a good 7 years getting a Master's degree. This, of course, led me down the path of student loans. Currently I sit at just over 100k in student ...
2
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2answers
10k views

Repayment of loan I made to my own LLC

I loaned $60,000 to my own single owner LLC over the past 6 moths to pay for start up, salaries, rent and business expenses to get it started. It is now moving towards profit and can afford to start ...
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2answers
120 views

Calculate money owed on shared loan

I am in an interesting situation that I am looking for help with. I went to college a number of years ago, as did my brother. My mother had two student loans (one for each of us) and a few years ago,...
3
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1answer
89 views

Fixing Credit With Several Small Debts

I am a recent graduate from the U.S. with a checkered credit history. I have a few items in collection now totaling about $750 or so. Previously, my attitude would have been to let these slide until ...
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1answer
115 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 ...
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0answers
41 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. ...
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3answers
170 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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2answers
30k 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
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5answers
4k 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 ...
2
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3answers
228 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
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2answers
2k 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
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2answers
3k 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
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2answers
292 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
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1answer
135 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 ...
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2answers
706 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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1answer
55 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
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3answers
491 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. ...
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2answers
116 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
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1answer
111 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, ...
4
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1answer
2k 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
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2answers
335 views

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

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 city,...
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1answer
2k 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 ...
26
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8answers
11k 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
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1answer
175 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
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3answers
4k 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
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3answers
3k 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
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1answer
210 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
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3answers
8k 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
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3answers
408 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 ...
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0answers
50 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
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2answers
996 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 ...