genentech relocation benefits

[anonymous]

If you happen to get a job offer from Genentech, the relocation benefits are fairly generous. You will get a cost of living increase which will be paid monthly over a 3 year period. You will also get a Relocation Loan which must be used as a downpayment on a house. The amount will depend on the level of the position. The Relocation is interest free but must be paid back after 5 years. You will need this extra money in order to live in the Bay Area. Everything costs significantly more in the Bay Area compared to almost anyplace in the US (housing, taxes, utilities, food, etc.). Even with the reduced prices in the housing market, you still will get much less of home than you are used to for probably double the price and with no property. The Cost of Living and Relocation Loans lock you in to buying a home in the Bay Area. If you leave the company, the Relocation Loan is due in full immediately. Genentech also is not all that people make it out to be. The culture is significantly different than Wyeth and other Big Pharma companies. Take it from someone who moved from the East Coast to Genentech - moving to the Bay Area will be a culture shock. I moved back to the East Coast after 2.5 years at Genentech and couldn't be happier. From someone that has been there, do your homework if you decide to consider a job with Genentech...

Can you explain how the "monthly amount that is paid over 3 years" is calculated?