Jump to content

What are my interest payments?


Recommended Posts

A few years ago, I took out a private student loan at loantolearn.com, and opted to pay the interest while in school.

 

My cosigner passed away earlier this year. Now the debt is mine, all mine.

 

I just made a huge payment on it, knocking the outstanding balance to $4580.65. The interest is 7%.

 

Since I'm currently only paying the interest, what would my minimum monthly payments be?

Link to post
Share on other sites

Right, but if the loan is for a certain period of time, your minimum payment must be enough to pay back the loan by then after taking interest into consideration. Or are you paying only the interest for now? Anyhow, if what you are paying is close to only the interest you will end up paying a lot of money back, but slowly.

 

Here, have a link: minimum-payment-calculator.aspx

Edited by Mr Skeptic
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.