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OriginalLoanSummary

Payitoff API: OriginalLoanSummary Schema

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Understand total_paid vs total_cost

total_paid is the sum of all monthly payments a borrower will make on a loan's current Repayment Plan over its lifetime.

With Income-Driven Repayment plans, there is sometimes a "tax bomb" at the end of their repayment term—any outstanding balance is forgiven, but treated as taxable income. Thus, total_cost provides the sum of total_paid plus the taxes owed on that forgiven amount (which is calculated and provided in the amount_forgiven and estimated_tax_liability properties). In other words,total_cost is the bottom line amount a borrower will pay to dispense of their loan on its current Repayment Plan.

Schema Definition

Property

Type

Format

Description

amount_forgiven

number

float

Total amount of outstanding Loan balance that will be forgiven at the end of the current Repayment Plan's term.

estimated_tax_liability

number

float

Estimated tax bomb, or the amount Borrower will have assessed as income based on total amount forgiven by the current Repayment Plan.

final_monthly_payment

number

float

The amount of the final monthly payment.

monthly_payment

number

float

The standard monthly payment over the course of the repayment term.

number_of_payments

integer

int32

Total number of payments that will be made over the course of the repayment term.

outstanding_interest

number

float

Total unpaid interest.

outstanding_principal

number

float

Total unpaid principal.

total_cost

number

float

The sum of total_paid plus estimated_tax_liability owed on total amount_forgiven. In other words, total_cost is the bottom line amount a borrower will pay to dispense of their loan on the current Repayment Plan.

total_paid

number

float

The sum of all monthly payments a Borrower will make on a loan's current Repayment Plan over its lifetime.

Example

{
  "amount_forgiven": 0.00,
  "estimated_tax_liability": 0.00,
  "final_monthly_payment": 0.00,
  "monthly_payment": 0.00,
  "number_of_payments": 0,
  "outstanding_interest": 0.00,
  "outstanding_principal": 0.00,
  "total_cost": 0.00,
  "total_paid": 0.00
}

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