Student Loan Repayment Calculator
Plug in your loan details and select a payment option to see how you can pay off your loan sooner. There’s never a penalty for prepaying your student loan.
Let’s see your estimated savings.
If you make an extra payment of $1,000 toward your principal balance, you can shorten your repayment term to approximately 4.8 and save $1288.67 in interest over the life of the loan.
If you pay off your loan in 10 years by making additional monthly payments of approximately $254.84, you can save an estimated $3466.33 in interest over the life of the loan.
Total loan cost
This calculator provides estimates intended for use only as a planning guide. Results are based on a standard repayment plan, where you pay a fixed amount every month for a set number of months, based on your loan term, the prepayment scenario you input above, and assumes:
- A fixed interest rate that will remain the same throughout the life of the loan;
- Your loan is currently in repayment; and
- A minimum monthly payment amount of $50.00.
We do not guarantee the calculator's accuracy or applicability to your circumstances, and we encourage you to consult a qualified professional for assistance in analyzing your overall financial situation.
