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Use this calculator to determine monthly payment, APR and total cost of the CU Student Choice Loan. Click on the "View Report" button to see the results in detail and an amortization schedule
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Definitions
- Loan amount
- The total dollar amount for this loan.
- Interest rate
- The interest rate on this loan.
- Loan term
- The number of years over which you will repay this loan.
- Origination fee
- The dollar amount charged as a loan origination fee, which is included in the Annual Percentage Rate (APR) calculation. For many loans a 1% origination fee is common. For example: a 1% fee on a $120,000 loan would cost $1,200.
- Monthly loan payment
- Initial monthly principal and interest payment (PI).
- Annual percentage rate (APR)
- A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example: a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate and very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.
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