Sentences with phrase «same over the term of the loan»

Your monthly payment amount remains the same over the term of the loan.

Not exact matches

But, if you were able to take a loan with the same repayment term at 4.375 %, your monthly payment would come down to around $ 206 and you'd save $ 2,898 over the life of the loan.

While cutting the repayment term in half significantly raises monthly payments, a shorter loan will save you over half the final cost of interest on a 30 - year mortgage for the same loan amount.

Extending the term of a loan will lower monthly payments because the same amount of money is spread over a longer time period.

As the name suggests, a fixed - rate mortgage is when the interest rate stays the same over the life or «term» of the loan.

While the index rate varies, the margin is typically set at the beginning of the loan term and remains the same over the life of the loan.

This makes it very different from a fixed mortgage, which instead carries the same rate of interest over the entire term or «life» of the loan.

At the same time, extending the timeline of your student loan repayment means you'll accrue more interest and pay more over the long term.

While lowering your interest rate is always good, if you increase your loan term at the same time, then you may increase your finance charge, or the total dollar amount you pay loan over the life of your mortgage.

Even though you will owe the same amount of money you could get a consolidation loan over a long - term to make your monthly payments more affordable.

When you receive a lower interest rate, you will pay less in interest over the life of the loan as long as the new term length is shorter or the same as the current remaining repayment term on your loans (and sometimes even if it is longer).

If that is the case, you could refinance your home loan and save thousands of dollars over the life of the loan or even get an extension on the loan term and lower your monthly payments for the same sum than the previous loan.

So, the longer your term and the less you pay per month, the more your total interest charges will be over the course of your car loan (for the same interest rate).

While cutting the repayment term in half significantly raises monthly payments, a shorter loan will save you over half the final cost of interest on a 30 - year mortgage for the same loan amount.

The simplest plan is to make the same monthly payments over the entire term of the loan.

Extending the term of a loan will lower monthly payments because the same amount of money is spread over a longer time period.

Fixed interest rate loans have the same interest rate through the life of the loan, while variable interest rate loans are pegged to an index, and can change over the loan's term.

The repayment terms for lines of credit are the same as for the variable and fixed interest loans, and students can repay these lines of credit over a term of up to 25 years.

As the name suggests, a fixed - rate loan is one that keeps the same interest rate over the entire life or «term» of the loan.

But, if you were able to take a loan with the same repayment term at 4.375 %, your monthly payment would come down to around $ 206 and you'd save $ 2,898 over the life of the loan.

If you qualify to refinance at a lower rate, refinancing into a loan with about the same repayment term can lower your monthly payment AND reduce the total amount of interest payments you make over the life of your loan.

Many types of consumer loans, including mortgages, car loans, and student loans, are amortized over a fixed term, during which borrowers pay the same amount each month.

With a fixed - rate mortgage, you have the comfort of knowing that your interest rate and monthly payments will stay the same over the long term, even if you keep the loan for the full 30 years.

This makes it very different from a fixed mortgage, which instead carries the same rate of interest over the entire term or «life» of the loan.

If your loan allows assumptions, that means that if you sell the home, the buyer may be allowed to take over your loan on the same terms, instead of having to get a new loan.