Payment Guide

Re-Amortization Dates and Monthly Payment Changes

Everything you need to know about how and when your monthly payment may change.

Happens at month 18

Automatic recalculation

What Is Re-Amortization?

As part of your Skylight Lending agreement, your monthly payment amount may change after a certain amount of time — this process is called re-amortization.

Re-amortization is the recalculation of your monthly payment based on the remaining balance of your account. It happens automatically 18 months after your Start Date, which we refer to as the Re-amortization Date.

Key Terms to Know

Re-amortization Date

18 months after your Start Date, this is when your monthly payment is recalculated. This date will be stated in both your Agreement and your Closing Certificate.

We recommend always following the date stated on your Closing Certificate — this is the date the system will use.

Where to find this on your documents

You can find the Re-amortization Date on your Closing Certificate.

Principal Target Balance

70% of your original amount, excluding closing costs. This is the balance your account aims to reach by month 18.

Where to find this on your documents

You can find the Principal Target Balance in your Agreement.

Initial Monthly Payment

Your payment amount during the first 17 months.

Where to find this on your documents

You can find the Initial Monthly Payment on your Closing Certificate.

Adjusted Monthly Payment

Your new monthly payment amount starting after the re-amortization date.

Maturity Date

The date when your account is scheduled to be fully paid off.

What Happens After 18 Months?

No voluntary prepayments made

Your monthly Regular Payment will increase to the amount stated in your Closing Certificate.

Prepayments made — Balance matches Principal Target

Your monthly payment remains the same or close to your original amount.

Prepayments made — Balance is higher than Principal Target

Your monthly Regular Payment will increase to somewhere between your current payment and the adjusted payment in your Closing Certificate.

Prepayments made — Balance is lower than Principal Target

Your new payment may be lower than originally estimated, but it will not go below $40/month.

Note: If your recalculated monthly payment falls below $40, it will be set to $40 and your account may pay off early. All scenarios assume the account is current and not in default.

Still need help?

We're here for you

Have questions about your re-amortization date or payment changes? Contact us at [phone] or submit a support request. Our Account Services Team is here to help!

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