@periferel that's awesome! I'm glad it's working out for you! I bet you're going to be just fine and I look forward to your success as well! Please report back and where is that thread at? 😊👍👍👍
► 5/7/2020 - I pay off $4,570.30 (30¢ for 1 day of interest) of the SSL so that ~8.9% ($440) remains. Next payment due date changed from 6/11/2020 to 9/11/2024 and required payment to $26.50. This matches my calculations below. I will monitor to ensure the date is not moved up sooner.
6/11/2020 to 9/11/2024 = 51 months
$4,570 ÷ $88.40 = 51.6968…
$26.50 new minimum payment ÷ $5 monthly AutoPay = 5.3, round up to 6. So, every ~6 months my next payment due date will be pushed back 1 more month. Which makes sense because 60 months ÷ 6 = ~10 months, and 10 months + 51 months = 61 months (round to 60, which matches the term of my SSL).
I disagree with the statement in bold. Your minimum payment due on 9/11/24 is $26.50. So yes after 6 months your due date will be pushed back by one month. But your new minimum payment due at that time will not be $26.50, but just a little less than your orginal monthly payment of $88.40.
Let me explain: Your monthly payment is $88.40. You paid $4570.30, which was enough for 51 monthly payments: 4570.30=51 x 88.40 + 61.90
So you covered 51 monthly payments and also paid $61.90 towards your 52nd payment. Thus the payment due on 9/11/24 is $88.40-$61.90=$26.50.
Once you made six payments of $5.00 you will have covered your 52nd monthly payment and also paid $30-$26.50=$3.50 towards your 53rd monthly payment. So the new due date will 10/11/24 and the amount due will be $88.40-$3.50=$84.90.
$84.90/$5=16.98 Thus it will take 17 payments of $5.00 before your due date is pushed back another month.