# OriginalLoanSummary

Payitoff API: `OriginalLoanSummary`

Schema

Understand

`total_paid`

vs`total_cost`

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

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,

provides the sum of`total_cost`

`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
}
```

Updated about 1 year ago