How much will my interest-only payment be on the variable rate subaccount of my ChoiceLine?
When you open your ChoiceLine, you are presented with the following payment options for your variable rate subaccount:
- Payment Option 1: one percent (1.00%) of your variable rate subaccount balance on the last day of the billing cycle, or
- Payment Option 2: the amount of finance charges (interest only) that accrued on your variable rate subaccount during the preceding billing cycle.
You can use the calculator below to approximate how much you may pay in interest over the term of your ChoiceLine. Keep in mind this is for the variable rate subaccount only, and the interest rate for this subaccount may fluctuate over the life of the draw period of your ChoiceLine.
Please note: Regardless of the option you choose, the minimum monthly payment for the variable loan will be calculated so that your loan will not amortize negatively. Your minimum monthly payment for the variable loan will never be less than the greater of interest due for that period or $50.
The calculator provided on this page is provided for general and educational purposes only. It is not intended to provide legal, tax, or investment advice. The accuracy of this online tool and its applicability to the information provided is an estimate and is not guaranteed. Your actual figures (i.e., minimum monthly payment, total payments, etc.) could vary based on many factors.