student loan payoff calculator
student loan payoff calculator
Make extra payments to pay off student loans faster. If you can free up more money for payments right now, you can cut down the total interest you pay, too.
Use this student loan payoff calculator to determine your debt-free date, then see how much time and money you could save by making extra student loan payments. You can see an amortization schedule as well.
How extra payments pay off loans faster
Say, for example, you borrow $20,000 in student loans with an interest rate of 5%. Your monthly payment for 10 years would be $212 and you would pay $5,440 in interest.
What if you paid $100 a month more toward that loan? Your monthly payment would rise to $312 — but you would pay about $2,000 less in interest and be debt-free nearly four years earlier.