The student loan payoff calculator will calculate the new monthly payment, and the number of months it would take to pay off the student loan. Student Loan Payoff Amortization Schedule Users can only choose to enter one of the two inputs, extra monthly payment or the desired payoff years. For example, if the term for your student loan is 10 years, and you want to pay it off in 6 years, that's where you enter the 6 as your desired payoff year. Interest Rate - the interest rate for your student loanĬurrent Monthly Payment - how much are you paying monthly as of today?Įxtra Monthly Payment - how much more in extra payments that you want to make on top of the regular monthly payments.ĭesired Payoff Years - if you are not sure how much extra payments per month you want to make, but you do have a desired payoff year in mind. There are two ways to use the student loan payoff calculator, to calculate how much interest payments you can save by making extra monthly payments or having a desired payoff year.Ĭurrent Balance - the remaining balance of your student loan. How to use the student loan payoff calculator? You can always start small, and it may have a bigger impact than you might think. If you can't afford to make a meaningful extra payment each month, but still want to give it a try. Evaluate all the inputs and make a decision. Whether it is worth paying off your student loan earlier is a personal choice and depends on your situation. Opportunity costs - you may have other business or investment opportunities that offer a better return than the interest payments that you are making with your student loan.Make sure you only make extra payments that you can afford and it does not deteriorate your living style. If you choose to make extra payments on your student loan, you may build up the balance on your credit card which has a much higher APR. ![]()
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