No, the "cost" is the risk currently assumed by the taxpayers plus opertunity cost and any defaulted loans. As they pay back the loans the risk keeps dropping. The upper bound on risk might be the total amount loaned, but you can't talk about the bailout as the total loan amount once they start to pay back most of the money.

PS: The actual cost estimate of the bailut was probably upto 10% of the amount of money loaned. It's quite possible we will make money from this at which point talking about the cost based on the total loan amount would be silly.