Annual Percentage Rate (APR) = Interest Rate adjusted for applicable fees and discounts
| Term | Index | Interest Rate | Estimated Monthly Payment | Estimated Total Payment |
|---|---|---|---|---|
| 5 years (60 months) |
Variable, based on 90-day SOFR and may increase after loan consummation, subject to floor rate of 0.00% |
8.70% - 11.20% (8.70% APR - 11.20% APR) |
$206.13 - $218.42 | $12,367.84 - $13,105.38 |
| 7 years (84 months) |
Variable, based on 90-day SOFR and may increase after loan consummation, subject to floor rate of 0.00% |
9.30% - 11.80% (9.30% APR - 11.80% APR) |
$162.42 - $175.46 | $13,643.06 - $14,738.60 |
| 10 years (120 months) |
Variable, based on 90-day SOFR and may increase after loan consummation, subject to floor rate of 0.00% |
9.70% - 12.20% (9.70% APR - 12.20% APR) |
$130.50 - $144.63 | $15,659.41 - $17,355.54 |
| 15 years (180 months) |
Variable, based on 90-day SOFR and may increase after loan consummation, subject to floor rate of 0.00% |
10.00% - 12.50% (10.00% APR - 12.50% APR) |
$107.46 - $123.25 | $19,342.89 - $22,185.40 |
| 5 years (60 months) |
Fixed | 6.75% - 8.25% (6.75% APR - 8.25% APR) |
$196.83 - $203.96 | $11,810.08 - $12,237.75 |
| 7 years (84 months) |
Fixed | 7.00% - 8.25% (7.00% APR - 8.25% APR) |
$150.93 - $157.11 | $12,677.85 - $13,197.29 |
| 10 years (120 months) |
Fixed | 7.50% - 8.75% (7.50% APR - 8.75% APR) |
$118.70 - $125.33 | $14,244.21 - $15,039.21 |
| 15 years (180 months) |
Fixed | 7.75% - 9.00% (7.75% APR - 9.00% APR) |
$94.13 - $101.43 | $16,942.96 - $18,256.80 |
Variable Rate Payment Example: Assuming a $10,000 loan amount, a 10.00% APR, and a 15-year term, you would make 180 monthly payments of $107.46 to repay this loan. If the APR is 12.50% and the loan amount remains $10,000, you would make 180 monthly payments of $123.25. The APR may increase during the life of the loan and can result in higher monthly payments.
Fixed Rate Payment Example: Assuming a $10,000 loan amount, a 7.75% APR, and a 15-year term, you would make 180 monthly payments of $94.13 to repay this loan. If the APR is 9.00% and the loan amount remains $10,000, you would make 180 monthly payments of $101.43.
The Annual Percentage Rate (APR) represents the total amount a loan will cost over a one-year period. Expressed as a single percentage, the APR gives borrowers a clear understanding of a loan's true overall cost, as it accounts for the interest rate, together with any and all fees.The APR also considers how the loan is paid back, including the amount of monthly payments and the length of any deferment period and the repayment period. The APR may be lower than the interest rate as a result of automatic rate reductions that are to occur at a future date or because the loan has a deferment period during which full payments of principal and/or interest are not required.
The monthly minimum payment during the Repayment Period is your calculated monthly payment or $50.00, whichever is greater.
Fixed rate loans maintain the same rate over the life of the loan. This may allow borrowers to easily determine
how much interest will be owed on the loan throughout the loan term.
Variable loan rates may increase or decrease over the life of the loan based on changes to the loan index
used by the lender. These fluctuations will affect your monthly payment amount.
The Secured Overnight Financing Rate (SOFR) is a daily reference rate produced by
the Federal Reserve Bank of New York that is based on overnight transactions in the U.S. dollar
Treasury repo market.
If you have a variable rate loan, your rate will adjust
quarterly, and it will be based on the 90-day average SOFR published by the Federal Reserve Bank
of New York as of two business days immediately preceding the quarterly adjustment date.
Please note that we reserve the right to modify or discontinue products and services offered on this website at any time and without notice.