If you choose the 15 year payment plan, you will pay off your loan faster and save thousands in interest.

Every month, payment options give you the flexibility to adjust your loan payment to fit your changing financial goals.

The monthly statement shows you your monthly loan payment options.

1. The Minimum Amount due covers the minimum amount due and allows you to utilize the money you save for other expenses. Deferred interests can occur with this option.
2. A Full Interest Payment covers the minimum amount due plus any addition interest accrued during the month, but does not reduce your principal.
3. A Full Principal and Interest Payment includes all the interest due and reduces your principal.
4. The 15-Year Payment Plan payments will cover all interest due and extra principal to pay off your loan based on a 15-year term. You will build equity faster and save thousands of dollars in interest over the shorter life of your loan.

We provide a detailed breakdown of each of your current payment options.

Note that when you choose to pay the minimum amount, your payment may not cover the total interest due and deferred interest can occur.

The unpaid portion or “deferred” interest is added to your loan balance. You may choose to pay it off at any time. Payment Options 2, 3 and 4 do not generate deferred interest.

The monthly statement reviews how much you’ve paid so far this year plus your year-to-date escrow disbursements, if any.

The monthly statement Indicates how your last payment was applied to principal and interest, and your new ending balance.

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