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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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2
votes
2answers
4k 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
295 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 ...
21
votes
6answers
14k 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
336 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
2k 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 ...
15
votes
5answers
2k 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?
23
votes
3answers
4k views

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 ...
7
votes
1answer
380 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 $...
8
votes
2answers
824 views

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 £...