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What to Do When You Can t Afford Your Car Payment, monthly car payment.#Monthly #car #payment


I Can’t Afford My Payment! What Should I Do?

Monthly car payment

Monthly car payment

You may come to the realization that you cannot afford your car payment. This may be the result of a job loss or that you have determined that you want to buy a home. You may have written out your budget for the first time, and realized that you are spending too much on your car every month. You may have rolled your old car loan into a new one and driven up the cost of your car payment. If your finances change, you may be looking for a way to lower your car payment, but you need to be careful so you do not hurt your credit.

It is possible to lower the payment, but you will likely need to sell your current car and purchase a less expensive one.

Don t Turn the Car Over to the Bank

Once you have determined that you cannot afford your car you may be tempted to stop paying on it, and simply turn it back over to the bank. While this is an option, it is not a wise one. This will affect your credit negatively. Additionally this does not release you from all of the obligation on the loan. Once the bank sells the car you will end up owing the difference to the bank. The bank will come after you to make sure that they do not lose any money.

Don t Trade the Car Into the Dealer

You may decide to trade the car in for a less expensive one at the dealer. While this may lower you monthly payment, you will still have to pay back all of the money. The dealer will roll any excess that you owe on the loan into your next car loan.

This means that you will be upside down on your new car. Your payments may last a lot longer. However, it may be worth it if you can afford your car payment and pay your other bills.

Sell the Car Yourself

Your best option is to try to sell the car yourself and take out a personal loan to cover the difference in the amount you owe.

When you complete a private sell, you are able to get more for the car, than you would if you were going to sell it to a dealer. This is because you are cutting out the middleman. You may be wondering about taking out a loan in order to sell your car, but this will help you to reduce your overall debt. The interest rate on this loan will depend on your current credit score. A small bank or credit union will be more likely to issue you a personal unsecured loan at a good interest rate.

Buy a Cheap Car with Cash

When you decide to sell your current car, you will need to have enough money to pay off the remaining balance, and to be able to purchase a less expensive new car. If you are in a tight financial situation you may want to buy a car for around $1,000, because you can generally pay in cash and it frees up extra money to put towards paying the remaining balance of your car loan. Then you can save up cash to purchase a nicer used car, once you have cleaned up the financial mess you are currently in. when you buy an older car, you need to plan for extra car repairs with your emergency fund or a sinking fund. This will help you cover the costs without throwing of your attempt at clearing up the debt.

When you are looking for a car like this you will want to research the most reliable cars, and have a mechanic look over the car for you before you purchase it. You can find reliable cars at a $1,000, and most repairs are less than a car payment each month. Be sure to do your research, so you find a car that will fit your needs. You are looking more that the engine rather than the cosmetic appearance of the car. Also if you are going to be commuting look for a smaller car versus a larger SUV, which will allow you to save on fuel costs. This will give you more money to put on getting out of debt.


CREDIT CARDS and LOANS for BAD CREDIT, bad credit loans monthly payments.#Bad #credit #loans #monthly #payments


Loans and Credit Cards for Bad Credit

Welcome! Since 2005, we have been dedicated to helping those with a bad credit rating rebuild their credit. We provide you with the knowledge and resources necessary for you to find the best loans and credit cards for bad credit, regardless if you have a poor credit score or past credit problems. We continously update our offers to bring you the best bad credit offers available.

If you are looking for the right offer to fit your financial needs or repair bad credit, please begin by choosing a category of offers below:

Compare the top 10 credit cards for those with bad credit and apply online instantly.

Compare auto lenders that approve people with a poor credit score.

Review the best services for debt relief and debt consolidation loans.

Need a cash loan to pay bills, take a vacation, or start a business? Apply now.

Compare options to repair your bad credit history and improve your rating.

Get a new home loan now at a great rate regardless of your past credit history.

Tips and Advice

► 5 Steps to Rebuilding Bad Credit

Bad credit loans monthly payments

► Credit Crunch Shrinking Size of Personal Loans

Bad credit loans monthly payments

► Inside the Brain of an Auto Lender

Bad credit loans monthly payments

► Filing for Bankruptcy: Chapter 7 vs. Chapter 13

Bad credit loans monthly payments

► Which Type of Home Loan is Right for You?

Bad credit loans monthly payments

► Too Much Debt? How to Break the Debt Cycle

Bad credit loans monthly payments


Mortgage Calculator with Current Rates – Calculate Mortgage Payments with Ease from, monthly mortgage calculator.#Monthly #mortgage #calculator


Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

Choose a lender below and lock in your estimated payment of $ or less

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Monthly mortgage calculator

Where will mortgage rates head next week?

Mortgage experts predict what will happen to rates over the next week — and why.

Monthly mortgage calculator

How much house can I afford?

Use this calculator to determine how much mortgage you can afford to take out based on your income and expenses.

Monthly mortgage calculator

Mortgage Basics

This step-by-step guide will help you understand the sometimes-difficult journey to homeownership.

Monthly mortgage calculator

Top 10 mortgage tips for 2016

Thinking about buying a house? These tips will help you find the best mortgage for you.

Helpful Calculators & Tools

Loan Calculator

This loan calculator will help you determine the loan monthly payments on a loan. View Calculator

Amortization Calculator

How much of your monthly payment will go towards the principal and how much will go towards the interest. View Calculator

15 or 30 year mortgage?

Lets us help you decide which mortgage loan is right for you. View Calculator

Debt ratio Calculator

Your debt-to-income ratio can be a valuable number — some say as important as your credit score. View Calculator

About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


Mortgage Calculator: Calculate Your Monthly Mortgage Payment, monthly mortgage calculator.#Monthly #mortgage #calculator


Mortgage Calculator

  • Monthly Payment (Principal and Interest)

Mortgage calculator for your home loan

This mortgage calculator will show how much your monthly mortgage payment would be, including your amortization schedule. See how much you could save by prepaying some of the principal. Find out your home loan breakdown now by using this simple and free mortgage calculator.

NOTE: This calculator updates automatically as you move from field to field using the “tab” key. If you’re entering prepayment information, click the “calculate” button to see the final results.

A mortgage amortization calculator shows how much of your monthly mortgage payment will go toward principal and interest over the life of your loan. The loan calculator also lets you see how much you can save by prepaying some of the principal.

How to use the loan amortization calculator

With HSH.com’s home loan calculator, you enter the features of your mortgage: amount of the principal loan balance, the interest rate, the home loan term, and the month and year the loan begins.

Your initial display will show you the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

Most of your mortgage loan payment will go toward interest in the early years of the loan, with a growing amount going toward the loan principal as the years go by – until finally almost all of your payment goes toward principal at the end. For instance, in the first year of a 30-year, $250,000 mortgage with a fixed 5% interest rate, $12,416.24 of your payments goes toward interest, and only $3,688.41 goes towards your principal. To see this, click on “Payment chart” and mouse over any year.

Clicking on “Amortization schedule” reveals a display table of the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year. Clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

Click “calculate” to get your monthly payment amount and an amortization schedule.

The effect of prepayments

Now use the mortgage loan calculator to see how prepaying some of the principal saves money over time. The calculator allows you to enter a monthly, annual, bi-weekly or one-time amount for additional principal prepayment.To do so, click “+ Prepayment options.”

Let’s say, for example, you want to pay an extra $50 a month. Using the $250,000 example above, enter “50” in the monthly principal prepayment field, then either hit “tab” or scroll down to click “calculate.” Initial results will be displayed under “Payment details,” and you can see further details in either the “Payment chart” or “Amortization schedule” tabs.

You may also target a certain loan term or monthly payment by using our mortgage prepayment calculator. Of course you’ll want to consult with your financial advisor about whether it’s best to prepay your mortgage or put that money toward something else, such as retirement.

HSH.com has developed a host of other free mortgage calculators to help answer your other questions, such as, “Can I qualify for a mortgage,” “Will prepaying my mortgage help me save money,” “How large of a down payment do I really need,” “What s the best way to pay for my refinance,” and “When will my home no longer be underwater?” See all of HSH.com’s mortgage calculators.

This is the dollar amount of the mortgage you are borrowing. (Hitting “tab” after entering information in any field will automatically update the calculations.)

The loan’s interest rate. Along with the term, this is the key factor used by the mortgage payment calculator to determine what your monthly payment will be. To see where rates are right now, click on the “See today’s average rates” link to the right of the field, where you can also find offers from our advertising partners.

Mortgage loans come in a range of terms. Fixed rate mortgages are most often found in 30, 20, 15 and 10-year terms; Adjustable Rate Mortgages usually have total terms of 30 years, but the fixed interest rate period is much shorter than that, lasting from 1 to 10 years.

To get the most accurate calculations, use the month and year in which your very first mortgage payment was due (or will be due). If you don’t yet have a mortgage, the current month and year will work just fine.

This display shows the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

This display shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year.

While this display table also shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year, clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

In this optional section, you can add in a regular monthly prepayment amount, re-set the calculator to show bi-weekly payments and savings, or even do a one-time prepayment to see how it affects the cost of your home loan.

Monthly mortgage calculator


Mortgage payment calculator: How much monthly outlay can you afford, Calculators4Mortgages, monthly payment calculator.#Monthly #payment #calculator


Mortgage Payment Calculator

Our mortgage loan payment calculator calculates monthly mortgage payments using interest rates loan amounts you enter. Change the interest rates and loan values to compare different payments.

Monthly payment calculator

How to use the Mortgage Payment calculator

Target Your Loan Amount Before Contacting Lenders

Using this mortgage payment calculator can help you target a loan amount that provides a comfortable monthly payment. Using the calculator only requires three simple entries:

  • Enter a mortgage loan amount, interest rate, and repayment term (how long you’ll be repaying the loan).
  • The calculator brings up the results, which show your monthly Priciple Interest (P I) payment, the total amount you’ll repay over the entire loan term, and how much interest you’ll pay over the entire loan term.
  • Not only do you learn whether the monthly payment is feasible, but you’ll get an idea of how much a specific loan can cost.
  • It’s important to note that mortgage calculator tools, including the loan comparison calculator and amortization calculator, do not include amounts that may be required by your lender for payment of taxes and insurance. Remember to budget for these costs when calculating your monthly budget for housing expenses.

The Big Picture: What Your Loan Can Cost

Another benefit of using our monthly payment calculator is learning how much you can save by refinancing into a shorter loan repayment term; or, if you currently have a 15 year mortgage and want to convert to a 30 year loan, you can see how much your monthly. payments will decrease. Entering different loan amounts, interest rates, and repayment terms can help you discover how to save on a mortgage loan with terms that accommodate your budget.

  1. Ann 31, Jan, 2010

I am so glad that you don’t charge for this service. It is very helpful Thank You

It comforting to know I did not have to provide any info (phone#, email address etc) to use this site and its many tools. It helped me plan for our home purchase without any hassle and no hidden agenda. Great Tool!

Thanks for putting this together – it’s simple and useful.

I so appreciate this tool!! Thank you for making it available for a quick and easy way to check what loan offers are affordable.

This is great stuff!!

This is a great site and has been very helpful in helping us decide if we can afford our new house.


Car Loan Calculator: Monthly Automobile Repayment Calculator, monthly loan payment calculator.#Monthly #loan #payment #calculator


Auto Loan Calculator

This calculator computes monthly automotive loan payments.

Current Car Loan Rates

The First Necessary Step in the Car Buying Process

Whether you buy new or used, it’s wise to get pre-approved for a loan before you ever step on a car lot. Go to your bank or credit union and ask the agent if you qualify for a loan and how much. The agent will check your FICO credit score and other obligations and provide you with an amount and interest rate. A FICO score can be between 300 and 850. The higher the score the lower the interest rate you will be offered. People with a bad credit history may pay interest rates that are more than double prime rates. You can also shop for auto loans online if you aren’t concerned about where your personal information goes. Armed with a pre-approved loan you are now in control and have a choice to go with dealer financing or stick with your bank, whichever rate is lower.

How to Get the Best Deal

Got new car fever? Well, first, you need to do a little homework. With the internet, the mystery of the automobile buying process has been unveiled and you can be a well-informed buyer ready to negotiate for the best price. First of all, go to ConsumerReports.org to check out vehicle reliability. You may be eying that shiny red sports car, but if its review states that this manufacturer has a history of poor performance or something like electrical issues, you may want to reconsider.

Test drive the vehicle you have in mind, but renting one from a car rental company for a couple days is the ultimate test.

The Internet has Changed Automotive Shopping

After you have determined the car you want to buy, go to Edmunds.com to find the invoice price. Do not shop without this information in hand. It’s your leverage in the negotiating process. If you don’t have this piece of information, the dealer will work from the MSRP which is a much higher price. Consider MSRP as retail price and invoice price as dealer cost. Never pay higher than invoice price. And don’t worry, the dealer still makes a profit. There is something called holdback which the manufacturer gives the dealer for each vehicle. It’s usually 2-3 % which they receive quarterly. At times the manufacturer also offers dealer incentives for specific models.

You can shop online and get instant automobile quotes at sites like CarsDirect and TrueCar. If you are not comfortable buying online you can always use their quotes to see if the traditional dealer will match the price.

If you have looked ahead and planned your purchase, note that some times of the year are better than others to buy a car. Salesmen work on commission and have monthly, quarterly and yearly goals to meet. So buying at the end of one of these periods can save you money, especially if the salesman hasn’t hit his quota.

If you have made a decision on the exact vehicle you want, visiting the dealership late in the day may work to your advantage because everyone is eager to go home. Aside from the information we provide here, you may want to read some personal stories of sale negotiations to better visualize and prepare yourself:

  • How to Negotiate for a Used Car The Art of Manliness
  • The Four-Square Technique that Dealers Use, and How to Beat It The Consumerist
  • One guy’s trade-in value dispute with a dealership after using TrueCar also from The Consumerist

Understanding 0% Financing vs. Factory Rebate

Many times dealerships will offer a choice of 0% financing or a factory rebate. How do you know which is better? Figure out the interest you would pay for the life of the loan if you financed with your bank. If the interest is more than the rebate, then take the 0% financing. For instance, using our loan calculator, if you buy a $20,000 vehicle at 5% APR for 60 months the monthly payment would be $377.42 and you would pay $2,645.48 in interest. If the rebate is $1,000 it would be to your advantage to take the 0% financing because the $1,000 rebate is less than the $2,645.48 you would save in interest. Be aware though, that unless you have a good credit rating, you may not qualify for the 0% financing and this option may only be offered on selected models. People with poor credit are a major source of profits because they can be charged far higher interest rates. Some buy here, pay here dealerships specifically focus on subprime borrowers.

Some Used Cars Are a Real Bargain

Before you take the plunge of buying a new car, consider a used one. Frugal shoppers know that new cars depreciate as soon as they are driven off the lot, and in fact lose on average 15-25% of its value each year the first five years. Buying one that’s a couple years old can still provide you with a reliable vehicle for thousands less while letting someone else take the depreciation hit. If you trade in every few years then depreciation is something to consider, so look for vehicles that traditionally hold their value such as Honda, Toyota or Lexus. If you keep your automobile until it falls apart, then depreciation is not a concern for you. New models for the upcoming year usually arrive late summer or early fall. Although selection may be limited, this is a great time to consider buying last year’s model because the dealer will need to make room for the new ones.

Check the used car history by the VIN# on sites like Carfax or Autocheck. This will help eliminate anything that looks questionable. Anything that says it’s a salvage should raise a red flag . Salvage vehicles are those in accidents that the insurance company has determined repair costs are more than it is worth. Some shops will try to repair them and sale them at a steep discount. These are given salvage titles. Unless you are mechanically savvy, it’s best to avoid these. On the other hand, something called a program car is usually an exceptional bargain. A program car is a one that was driven on company business by a manufacturer employee. They are driven very little and are well maintained. They usually have 10,000 miles or less on the odometer. Dealers pay low prices for them and are not shy to advertise them. They usually still have factory warranties. Still not convinced to buy used? Then consider insurance costs on a used car will typically be significantly less expensive than on a new one.

There’s More to a Loan than a Monthly Payment

Monthly loan payment calculatorWhen it comes to borrowing money, a wise shopper looks at the total cost of the loan, and not just at the monthly payment. Too many advertisements state only the monthly payment. You need to dig deeper to see the real story. In general, a lower interest rate will cost you less money. A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That’s a savings of $1,083.05.

That same wise shopper will look not only at the interest rate but also the length of the loan. The longer you stretch out the payments, the more expensive the loan will be. Let’s take that same $20,000 loan above at 5% at 5 years and see how much we can save by paying it off in 3 years. So, $20,000 at 5% for 36 months will cost $21,579.05 saving you $1,066.43. Using the calculator above (assuming $0 down payment, $0 trade-in and 1% sales tax) you will see that the monthly payment for the 5 year loan is $377.42 and the monthly payment for the 3 year loan is $599.42. If you can easily handle the higher payment the savings are well worth it.

If your credit drastically improves your initial loan was at a higher interest rate, it may be worth looking into refinancing at a lower rate.

What To Do with Your Trade-In

Although it’s convenient to trade in your old vehicle to the dealer at the time of purchasing another, it’s not to your best advantage. You are likely to get the least value from the dealer, as they have to move it yet again and need to ensure a safe profit margin on selling it. They do not have to take your old automobile, and will offer you what will make them the highest profit. Some dealerships may offer artificially high trade in values, but only offer them in association with a higher price on the vehicle they sell you.

The better option is to sell it privately. It seems even government agencies are freely giving out this advice; from the Arizona Attorney General to the FTC. Don’t underestimate the value of your old car. Go to Kelly Blue Book online to do your valuation research. If you can sell it, even for a small amount, it’s extra bargaining power for your new vehicle.

Another option with your old automobile is to keep it. An old pick up truck used for heavy work can help protect the value of a new vehicle by minimizing wear and tear, along with depreciation. Automotive insurance companies typically offer multiple vehicle discounts.


Personal Loans from SoFi, Low Rates, Fixed Monthly Payments, loans with monthly payments.#Loans #with #monthly #payments


Personal Loans

We’ve got your back.

to 14.24% APR (with AutoPay) 5 .

Checking your rate will not affect your credit score .

Pay off credit cards or invest in a major purchase

Are you paying more than 10% interest on your credit cards? SoFi Personal Loans could help you save thousands. With low personal loan interest rates and a fixed monthly payment, you can get loans to pay off credit cards, pay off high interest debt, or make a major purchase. It only takes minutes to apply.

Why SoFi?

Serious

Borrow from $5k-$100k at fixed rates that start at 5.49% APR (with AutoPay) 5 .

No Fees.

No origination fees or pre-payment penalties. What you see is what you get.

Exclusive

Get a 0.125% rate discount ✝✝ on an additional SoFi loan—just for being a member.

Simple online application and access to live customer support 7 days a week.

Community

If you lose your job, we’ll temporarily pause your payments and help you find a new job. 4

Better

Borrowers raised their credit scores by 17 points on average when they paid off credit card debt ** .

Personal Loan Comparison 6

Here’s how SoFi Personal Loans compare

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Get pre-approved online with no hidden fees and no obligation.

Select Your Loan Apply

Choose the loan that works for you and complete your application.

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Sign your documents and funds are wired to your account.

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Personal Loan Calculator

See how much you can save when you pay off your existing debt with a SoFi personal loan.

Hear From Our Members

With serious savings, a seamless online application, and unique community benefits, our members have a lot to say.

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Common Questions

Questions? Call us for a free consultation at 855-456-7634.

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If you got a letter stating that you’re pre-selected for a SoFi loan, you’re in the right place. Get started by entering your confirmation number below.

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

As an example, on a loan of $10,000 paid back over a 5 year term with the lowest available interest rate of 6.95% (including 0.25% AutoPay discount), you will make 60 monthly payments of $197.78, and the total amount repayable will be $11,866.57. See additional payment examples here.


FinAid, Calculators, Loan Calculator, loans with monthly payments.#Loans #with #monthly #payments


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Loans with monthly payments

Loans with monthly payments

Loans with monthly payments

Loans with monthly payments

Loans with monthly payments

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)

This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)

This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment. You can also calculate private student loan eligibility on comparison sites like Credible.

The questions concerning enrollment status, degree program and total years in college are optional and are designed to evaluate whether the total debt is excessive. The total years in college should include the total number of years in college so far (or projected) corresponding to the loan balance, including previous degrees received.


Mortgage Calculator: Calculate Your Monthly Mortgage Payment, monthly payment loans.#Monthly #payment #loans


Mortgage Calculator

  • Monthly Payment (Principal and Interest)

Mortgage calculator for your home loan

This mortgage calculator will show how much your monthly mortgage payment would be, including your amortization schedule. See how much you could save by prepaying some of the principal. Find out your home loan breakdown now by using this simple and free mortgage calculator.

NOTE: This calculator updates automatically as you move from field to field using the “tab” key. If you’re entering prepayment information, click the “calculate” button to see the final results.

A mortgage amortization calculator shows how much of your monthly mortgage payment will go toward principal and interest over the life of your loan. The loan calculator also lets you see how much you can save by prepaying some of the principal.

How to use the loan amortization calculator

With HSH.com’s home loan calculator, you enter the features of your mortgage: amount of the principal loan balance, the interest rate, the home loan term, and the month and year the loan begins.

Your initial display will show you the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

Most of your mortgage loan payment will go toward interest in the early years of the loan, with a growing amount going toward the loan principal as the years go by – until finally almost all of your payment goes toward principal at the end. For instance, in the first year of a 30-year, $250,000 mortgage with a fixed 5% interest rate, $12,416.24 of your payments goes toward interest, and only $3,688.41 goes towards your principal. To see this, click on “Payment chart” and mouse over any year.

Clicking on “Amortization schedule” reveals a display table of the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year. Clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

Click “calculate” to get your monthly payment amount and an amortization schedule.

The effect of prepayments

Now use the mortgage loan calculator to see how prepaying some of the principal saves money over time. The calculator allows you to enter a monthly, annual, bi-weekly or one-time amount for additional principal prepayment.To do so, click “+ Prepayment options.”

Let’s say, for example, you want to pay an extra $50 a month. Using the $250,000 example above, enter “50” in the monthly principal prepayment field, then either hit “tab” or scroll down to click “calculate.” Initial results will be displayed under “Payment details,” and you can see further details in either the “Payment chart” or “Amortization schedule” tabs.

You may also target a certain loan term or monthly payment by using our mortgage prepayment calculator. Of course you’ll want to consult with your financial advisor about whether it’s best to prepay your mortgage or put that money toward something else, such as retirement.

HSH.com has developed a host of other free mortgage calculators to help answer your other questions, such as, “Can I qualify for a mortgage,” “Will prepaying my mortgage help me save money,” “How large of a down payment do I really need,” “What s the best way to pay for my refinance,” and “When will my home no longer be underwater?” See all of HSH.com’s mortgage calculators.

This is the dollar amount of the mortgage you are borrowing. (Hitting “tab” after entering information in any field will automatically update the calculations.)

The loan’s interest rate. Along with the term, this is the key factor used by the mortgage payment calculator to determine what your monthly payment will be. To see where rates are right now, click on the “See today’s average rates” link to the right of the field, where you can also find offers from our advertising partners.

Mortgage loans come in a range of terms. Fixed rate mortgages are most often found in 30, 20, 15 and 10-year terms; Adjustable Rate Mortgages usually have total terms of 30 years, but the fixed interest rate period is much shorter than that, lasting from 1 to 10 years.

To get the most accurate calculations, use the month and year in which your very first mortgage payment was due (or will be due). If you don’t yet have a mortgage, the current month and year will work just fine.

This display shows the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

This display shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year.

While this display table also shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year, clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

In this optional section, you can add in a regular monthly prepayment amount, re-set the calculator to show bi-weekly payments and savings, or even do a one-time prepayment to see how it affects the cost of your home loan.

Monthly payment loans


Monthly payment loans, monthly payment loans.#Monthly #payment #loans


A Look at the Shocking Student Loan Debt Statistics for 2017

Monthly payment loans

Updated: September 13, 2017

It s 2017 and Americans are more burdened by student loan debt than ever.

You ve probably heard the statistics: Americans owe over $1.45 trillion in student loan debt, spread out among about 44 million borrowers. That s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.

But how does this break down at a more granular level? Are student loans being used to attend public or private universities? Is it mostly from four-year or graduate degrees? What percentage of overall graduates carry debt? Are more grads utilizing private student loan consolidation and refinancing?

Let s take a look.

BONUS: Get a PDF of these statistics to print out, save, or send

General student loan debt facts

First, let’s start with a general picture of the student loan debt landscape. The most recent reports indicate there is:

  • $1.45 trillion in total U.S. student loan debt
  • 44.2 million Americans with student loan debt
  • Student loan delinquency rate of 11.2% (90+ days delinquent or in default)
  • Average monthly student loan payment (for borrower aged 20 to 30 years): $351
  • Median monthly student loan payment (for borrower aged 20 to 30 yea rs ): $203

Public Service Loan Forgiveness statistics

As of Q1, 2017 (latest available data)

PSLF Borrowers: 611,598*

* Total number of borrowers who have one or more approved PSLF Employment Certification Forms (ECF)

Note that borrowers are self-identified based on submission of an ECF.

Federal student loan portfolio

(updated for Q2, 2017)

Now let’s dive into how much debt student loan borrowers carry by loan type, term, and more.

Student loan debt statistics by loan program:

Student loan debt statistics by loan type:

Student debt statistics by loan status (Direct Loan Program)

Student loan statistics by repayment plan (Direct Loan Program)

Student loan debt by servicer

(updated for June 30, 2016)

Data Source: National Student Loan Data System

More shocking student loan debt statistics

If those numbers weren’t stunning enough, here’s a closer look at how students accumulate debt based on the type of school they attend.

In 2012, 71 percent of students graduating from four-year colleges had student loan debt:

  • Represents 1.3 million students graduating with debt, increase from 1.1 million in 2008
  • 66 percent of graduates from public colleges had loans (average debt of $25,550)
  • 75 percent of graduates from private nonprofit colleges had loans (average debt of $32,300)
  • 88 percent of graduates from for-profit colleges had loans (average debt of $39,950)

Twenty percent of 2012 graduate loans were private

Graduates who received Pell Grants were likely to borrow, and borrow more:

  • 88 percent of graduates who received Pell Grants had student loans in 2012, with an average balance of $31,200
  • 53 percent of those who didn’t receive a Pell Grant had student loan debt and borrowed $4,750 less ($26,450)

Private student loan debt statistics

  • Private student loan debt is on the rise; $6.2 billion was borrowed in 2012-2013, up from $5.5 billion in 2011-2012
  • From 2011-2012, borrowers didn’t take advantage of federal student loans as much as they could have: 19 percent didn’t take out Stafford loans, 8 percent didn’t apply for federal financial aid, 11 percent applied for federal aid but didn’t take out a Stafford loan, 28 percent had Stafford loans but borrowed less than they were eligible for
  • In 2011-2012, 48 percent of private loan borrowers attended schools that had tuition costs of $10,000 or less
  • Nearly 1.4 million undergraduates borrowed private loans in 2011-2012

Graduate student loan debt

About 40 percent of the $1 trillion student loan debt was used to finance graduate and professional degrees.

Combined undergraduate and graduate debt by degree:

  • MBA = $42,000 (11% of graduate degrees)
  • Master of Education = $50,879 (16%)
  • Master of Science = $50,400 (18%)
  • Master of Arts = $58,539 (8%)
  • Law = $140,616 (4%)
  • Medicine and health sciences = $161,772 (5%)

Clearly, as these student loan debt statistics show, the cost of attending college is becoming a growing burden for a huge portion of Americans.

What are you doing to pay off your debt and ensure you aren’t another statistic? Be sure to let us know how we can help.