Account Center will be unavailable Friday October 4th, 5 p.m. (ET) to the morning of Sunday October 6th. 
One-time payments and automatic payment enrollment will not be available, and phone agents will not be able to assist you during this time. Pre-scheduled one-time payments and automatic payments will process as usual.

Close
Discover Student Loans
Discover Student Loans
Student Loan Repayment Calculator

Student Loan Repayment Calculator

Use the student loan repayment calculator below to see how extra payments can reduce the total cost of your loan. If you'd like to repay your student loan sooner, the Discover student loan repayment calculator will help you determine how additional monthly payments can reduce the amount of interest you pay during repayment.

 

Plug in your loan repayment 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.

How do I calculate the loan balance?

Question

This information can be found online or on your paper statement.

Close

What is the monthly payment?

Question

This is the minimum payment amount due each month on your statement.

Close

What is the interest rate?

Question

This is the current interest rate you are paying on your student loan and it can be found on your paper or online statement. Please note that this calculator does not adjust for variable rates.

Close
Error Based on the information you provided, your repayment term exceeds the maximum of 30 years. Please adjust your numbers to recalculate.

I want to:

Pay extra

Pay extra

Pay sooner

Pay off my loan sooner

Question

The calculator assumes your extra payment is a one-time occurrence applied toward your principal balance.

Close
1 20

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 depending on your loan term) and 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.

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.


How helpful was this content?

Helpful

Neutral

Unhelpful