How are my monthly payments calculated?
Term loan payments
Monthly payments for term loans are fixed, meaning they remain the same amount each month. They are calculated using an amortization formula, and each payment includes both interest and a portion of your principal. Your payment amount is based on your loan amount, your interest rate, and the total number of payments in your loan term.
Line of credit (LOC) payments
Line of credit payments vary based on your usage. Your payment depends on how much you have drawn and your current balance.
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