Are you looking to paying off your student loans early? This Student Loan Prepayment Calculator provides you a general idea on how much additional payments you will need to make monthly in order to pay off your student loan.
In addition, you can also use this Student Loan Prepayment Calculator to calculate how much faster you will pay off your student loans when you make extra payments and the interest you will save by paying early.
In a nutshell, this Student Loan Prepayment Calculator helps you understand what would be your monthly student loan payments look like and how your loans would amortize or paid off over time.
The calculator calculates monthly payment for each of the loans individually, which takes into account the interest rate, loan amount, loan term, and prepayment.
The tool will add up the monthly payment for each loan to determine what you would end up paying (in total) each month.
The pay-down or amortization of the loans over time is calculated by subtracting the principal amount from each of the payments (monthly) from the loan balance.
Over time, the principal portion of the payment and the interest payments reduce the loan balance, resulting in a $0 balance at the end of the loan term.
Student Loan Prepayment Calculator FAQs
1. Does this calculator determine what rates I am going to pay for?
No. The Student Loan Prepayment Calculator is designed to provide you a general overview on how much you are looking at paying when you repay your student loans at a specific rates.
You can change the rates, the loan amount, the loan term, and monthly prepayment information to see the estimated monthly payment and the total lifetime costs of your student loans for a certain number of years.
If you want to find out what your rate is, you will need to click on the “Best Student Loan Refinance Rates” that are found in the calculator itself. Be sure to scroll on the list as it has more financing companies than what is currently displayed.
2. Should I refinance my student loans?
The answer is it depends. In general, the decision to refinance your student loans depend on several different factors. These factors include, but are not limited to, your income limitations, budget, other debts, etc.
In general, when you believe that you can save more money in the long run by paying off your student loans, then, please do it.
3. Where can I get the best student loan refinance rates?
The best way to find the best student loan refinance rates is to look at the calculator. Right below the graph, you will see several financing companies. The companies offer various rates. Some of them offer fixed rates and some offer are variable.
Make sure to scroll on the list as it contains more companies than what is currently displayed.