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Lender Question

Discussion in 'Financial Aid' started by Allerian1004, May 13, 2008.

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  1. Allerian1004

    Allerian1004 Practicing Vampire
    7+ Year Member

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    So, I'm trying to choose between Anchorbank and Chase. I'm looking at 180,000 in loans.
    Anchorbank:
    2% reduction in interest after 48 payments
    Chase:
    1% reduction in interest rate
    Which reduces the amount of interest I'm paying more? I tried to do calculations but think I did them wrong!
     
    #1 Allerian1004, May 13, 2008
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  2. mooredge

    mooredge Junior Member
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    You need to be careful with those interest rate reduction claims, because they are generally subject to change. I would personally look for a lender that first offers zero fees, then choose by interest rate reduction second.

    In answer to your question.

    $100,000 @ 5.8% interest w/10 year payment plan = $132,022

    $100,000 @ 6.8% for 48 months with 2% reduction after = $132,818
     
    #2 mooredge, May 14, 2008
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