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I have a fixed rate. Why is my minimum payment increasing?

Your minimum payment amount is set such that each payment between now and the end of your loan term is equal, except for the last payment. The last payment amount should be less than or equal to the other payments.

Earnest is proud to offer payment flexibility to all of our autopay clients. We enable you to make changes to your payment schedule like moving your payment dates, skipping payments, and switching back and forth between monthly and biweekly payments.

Using these options may slow the rate at which you pay down your principal balance. When they do, your old minimum payment amount may be too low, creating a final payment amount above your regular payment amount (otherwise known as a balloon payment).

After making a change to your payment schedule, there is a short window (usually 1-2 business days) where we calculate your new minimum payment amount. If it is higher than your current minimum payment amount, we will email you to let you know. Your autopayment amount may also be increased to equal your new minimum payment amount.

For any questions or concerns about an increased minimum payment, please contact us.

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