Monthly Payment Calculator

Monthly Payment Calculator

Use this calculator to estimate your monthly loan
payment and see a breakdown of your payments
over the life of the loan.

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Below is a summary of your repayment schedule for the loan you have selected.
The schedules calculated here are estimates only.

Student Loan Summary
Loan Type:
Stafford Loan - Unsubsidized
Loan Amount:
$100,000.00
Interest Rate:
8.000%
Repayment Term:
5 Years
Years Until Graduation:
6 Years
Repayment Plan:
Standard Repayment Plan
Monthly Payment:
$1,250.00
Cost of the Loan:
$125,000.00
Principal Paid:
$100,000.00
Interest Paid:
$25,000.00

Monthly Payment Schedule for Life of Loan

Month Principal Payment Interest Payment Total Payment Ending Balance
        $125,000.00
1 $250.00
$1,000.00 $1,250.00 $123,750.00
2 $250.00
$1,000.00 $1,250.00 $122,500.00
3 $300.00
$1,100.00 $1,400.00 $121,100.00
         

IMPORTANT FACTS: This repayment calculator provides estimates intended for use only as a planning guide. The total monthly payment is based on a standard repayment plan. It assumes no fees and no payments applied toward principal or interest while in school or during a typical six month grace period. It also assumes that the date on which the loan was taken and that of graduation occur on the first day of the month. While we do not guarantee the calculator's accuracy or applicability to your circumstance, we encourage you to consult a qualified professional for assistance in analyzing your overall financial situation.

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A period of time when the student is not required to make student loan payments. Payments typically begin six or nine months (grace period) after you graduate, leave school or drop your enrollment status below half-time. For specifics, check your loan documents.

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Private student loans supplement federal loans and other financial aid. You can apply for a private loan on your own. By adding a cosigner, you may improve your chance for loan approval and may receive a lower interest rate.

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The amount charged to borrow money over time. Typically you have the option to pay interest while in school or postpone your interest payments until entering repayment. Any unpaid interest will be capitalized - added to your principal balance - when repayment begins.

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The original or unpaid amount of a loan upon which interest is calculated. It may include capitalized interest. Interest that remains unpaid at the end of an in-school period on private student loans will be capitalized - added to your principal balance - when repayment begins.

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The original amount borrowed for an individual loan, including any fees.

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The amount charged to borrow money over time, expressed as an annual percentage of the principal amount owed. This calculator does not adjust for variable rates which may increase or decrease your monthly payment when the rate changes.

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If you are a student, select the number of years you plan to be enrolled until you graduate. If you are a parent, select the number of years your child plans to be enrolled until graduating.

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This is your estimated monthly payment which includes principal and accrued (accumulated) interest. Student loans typically have a required minimum monthly payment of $50.00. If the estimated monthly payment is less than the minimum, your estimate will reflect $50.00 and your repayment term may be shortened.

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The amount of time the borrower is scheduled to repay the principal balance and interest on a loan. The following repayment terms represent the maximum time period typically allowed to pay off a student loan. You can always pay more than the minimum amount due to reduce your balance and interest cost, and ultimately pay off your loan earlier with no penalties. Terms vary among lenders.

Loan Type Typical Repayment Terms
Private 15 to 20 years

Loan Information

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Discover Student Loans automatically enrolls you in a standard repayment plan where you pay the same amount every month for the period between potential interest rate changes on a variable-rate loan. When interest rates change, your monthly payment may increase or decrease accordingly. To understand the frequency at which your monthly payment may change, refer to your loan documents.

This calculator provides estimates intended for use only as a planning guide. Because we cannot guarantee the calculator's accuracy or applicability to your circumstance, we would encourage you to consult a qualified professional for assistance in analyzing your overall financial situation.

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