| |
The terms listed – 12, 15, 20+ years – are examples of the amount of time in which the loan is required to be repaid, followed by the monthly payment and cost of interest for that time period. For comparison, we have also indicated the payment and cost of interest for the 10-year standard repayment plan. If your loan balance is less than $7,500 the maximum repayment term is 10 years. All calculations are figured on an 8.25% interest rate. If the weighted average of your loans is less, your monthly payment and total interest paid would be reduced.
Balance & Term |
Monthly Payment |
Estimated
Cost of Interest |
|
|
|
$7,500 |
|
|
12 years
10 years |
$82.02
$91.89 |
$4,228.66
$3,434.84 |
$10,000 |
|
|
15 years
10 years |
$96.94
$122.53 |
$7254.17
$4579.28 |
$20,000 |
|
|
20 years
10 years |
$170.16
$246.39 |
$20,325.86
$9,245.59 |
$40,000 |
|
|
25 years
10 years |
$314.96
$490.09 |
$52,904.80
$18,318.88 |
$60,000 |
|
|
30 years
10 years |
$450.20
$735.13 |
$98,464.46
$27,478.56 |
$95,000 |
|
|
30 years
10 years |
$713.30
$1,163.96 |
$155,358.47
$43,507.62 |
|
