OriginalLoanSummary
Payitoff API: OriginalLoanSummary
Schema
Understand
total_paid
vstotal_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 oftotal_paid
plus the taxes owed on that forgiven amount (which is calculated and provided in theamount_forgiven
andestimated_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 |
---|---|---|---|
|
|
| Total amount of outstanding |
|
|
| Estimated tax bomb, or the amount |
|
|
| The amount of the final monthly payment. |
|
|
| The standard monthly payment over the course of the repayment term. |
|
|
| Total number of payments that will be made over the course of the repayment term. |
|
|
| Total unpaid interest. |
|
|
| Total unpaid principal. |
|
|
| The sum of |
|
|
| The sum of all monthly payments a |
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 5 months ago