Real Estate Terms Glossary
What is a Repayment Plan?
A repayment plan determines your monthly mortgage or student loan payment amount, how much interest you’ll pay over the term of your loan, and how many years it will likely take to repay what you borrowed.
Did you know that repayment plans operate pretty differently depending on the type of loan? For example, federal student loans come with several repayment plans that you can choose from, and some of them tie your monthly payment sum to your income.
Examples of a Repayment Plan
- Example 1: Student loan repayment plan
- Example 2: Personal loan repayment plan
Here’s Wikipedia’s definition of a Repayment Plan .
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