Sentences with phrase «balance over the lifetime of the loan»
Interest is applied to the loan balance over the lifetime of the loan even if the mortgage payment does not cover the interest expense.
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Likewise, for loans in the income contingent repayment program, where the interest is not capitalized after it exceeds ten percent of the original principal amount.3 It is always better to have prepayments used to reduce the loan balance, since this will cost you less over the lifetime of the loan.