Sentences with phrase «payoff terms»
The phrase "payoff terms" refers to the conditions or terms under which a debt or loan is repaid. It includes details such as the amount to be paid, the duration or timeline for repayment, and any additional fees or interest that may be involved. Full definition
This flexibility is amazing because not everyone wants or is able to go with the lowest possible interest rate with the shortest payoff term.
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It is different than a credit card in that the interest rates are usually lower, and it has a finite payoff term.
But student loan debt often has lower interest rates, flexible payoff terms, have forgiveness options available or have tax deductions.
It also will afford you lower interest rates and fees as well as easy extended payoff terms.
What's more, borrowers usually are able to get a more favorable payoff term for their debt consolidation loan.
A shorter payoff term will also result in a lower interest rate.
It is different than a credit card in that the interest rates are usually lower, and it has a finite payoff term.
If we plug $ 35,000 of median debt into a student loan repayment calculator using a 10 - year payoff term and a 5 % interest rate, we get a monthly principal and interest payment of $ 371.23.
A credit line is likely to carry a variable interest rate and a shorter payoff term but can be renewed after it is paid off.
Adjust the payoff term to choose your monthly payment.
This should reduce your payoff term to 21 years.