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nolesrule t1_iyaswn8 wrote

Reply to comment by yes_its_him in Would I save this amount of interest over the life of the loan? by [deleted]

It was back of the envelope math, because if you pay it off in 12 equal payments the average balance per month will be approximately but not exactly 50% of the starting balance.

Using an amortization calculator, if you make 12 payments of $8946.74/month you will have it paid off with a total paid of 107360.88 which is 2360.88 interest, which isn't all that far from my envelope math.

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yes_its_him t1_iyawcpo wrote

I assumed they just paid the minimum until paying off the balance month 12, since that aligns with their numbers, but it could be interpreted otherwise.

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nolesrule t1_iyazxcj wrote

Yeah in that case it'll be closer to the $4000. But that's why I was asking more about the details of the planned paydown schedule.

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