Student Loan Early Payoff Calculator - Calculate Savings & Payoff Time With Extra Payments
Student Loan Early Payoff Calculator
($)
($)
(%)
($) per month
($) per year
($) one time
Standard Amortization Schedule
Monthly Pay
Remaining Principal
Remaining Payments
Remaining Interest
Remaining Term
If Accelerated Repayment
Monthly Pay
Total Payments
Remaining Interest
Additional Payments
Remaining Term
Interest savings
Time Saved
Monthly Amortization Schedule
| Baseline Amortization Schedule | Amortization Schedule with Prepayment | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Month | Date | Interest | Principal | Payment | End balance | Interest | Principal | Payment | End balance |
What Happens If I Increase My Monthly Payment From $1,000 to $1,300 on a $30,000 Loan With 6.6% Interest?
If you pay an extra $300 each month, bringing your total to $1300, you'll pay off the entire loan in just 2 years 1 months.
That's 8 months earlier than the original schedule, and you'll save a whopping $705.64 in interest.
FAQ
Should I Pay off Student Loans or Invest?
This depends on your loan interest rate and expected investment returns. Generally, if your loan rate is above 6-7%, prioritize loan repayment. For lower rates, investing may provide better long-term returns, especially with tax-advantaged accounts.
References
This calculator and information are based on standard financial formulas and federal student loan guidelines. For official information and personalized advice, consult these authoritative sources:
- Federal Student Aid - U.S. Department of Education
- Consumer Financial Protection Bureau - Student Loans
- IRS - Student Loan Interest Deduction
- National Student Loan Data System
- Federal Reserve - Student Loan Statistics
Related
Write Reply