The note
Same scheduled payment. Different balance when you sell or refinance early. The penalty line is the extra interest the precomputed contract still charges.
The precomputed column uses a Rule of 78s rebate on the scheduled finance charge. Both columns share the same scheduled payment. Payoff month is when you sell, refinance, or pay the note off early.
Scheduled monthly payment
$3,161.50
Total interest if held to term
$358,760.95
Precomputed penalty
$20,660.10
Extra interest a precomputed contract keeps, compared with simple interest, if the note is paid off at month 60. Your retail installment contract controls the actual rebate.
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