Student Loan Prepayment Calculator

Step 1:
Enter Current Loan Info
Student Loan Balance
Average Interest Rate
Current Monthly Payment
Step 2:
Enter Your Prepayment Goal
  • Monthly Payment
  • Remaining Term
When do you want to pay off your student loans?
Error. Please enter a term shorter than your current loan term.
Extra Monthly Payment
CURRENT LOAN WITH PREPAYMENT SAVINGS
MONTHLY PAYMENT
$383
MONTHLY PAYMENT
$483
MONTHLY SAVINGS
$100
TOTAL PAYMENT
$300
TOTAL PAYMENT
$300
LIFETIME SAVINGS
$300
REPAYMENT TERM
10yrs
REPAYMENT TERM
7.5yrs
REPAYMENT SAVINGS
2.5yrs

Compare The Best Student Loan Refinance Rates For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.47% - 5.87%
Fixed Rates:3.89% - 6.32%
Average Savings:$30,939
Minimum Credit Score:None
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$45,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, KY, MS, VT
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.47% - 6.99%
Fixed Rates:3.90% - 7.80%
Average Savings:-
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.47% - 8.03%
Fixed Rates:3.49% - 8.72%
Average Savings:$15,270
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.85% - 7.59%
Fixed Rates:3.75% - 7.03%
Average Savings:$19,783
Minimum Credit Score:700 (670 with a co-signer)
Minimum Income:$42,000 solo or combined with spouse; $25,000 with a co-signer
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$7,500
Loan Terms:5, 8, 12, 15 years
Borrower Residency:All states
Unemployment Protection:Case by case
Co-signer Option:Yes

Overview

Variable Rates:2.55% - 6.01%
Fixed Rates:3.09% - 6.69%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes
1.95% - 4.45%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 4.45%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$25,000 with graduate degree ($40,000 with undergraduate degree)
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.95% - 6.37%
Fixed Rates:3.50% - 7.02%
Average Savings:$20,200
Minimum Credit Score:660
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Advertiser Disclosure

How much will I pay in student loans?

Your student loan payment each month depends on several factors, including your principal balance, your interest rate and your student loan repayment plan. The standard repayment plan is 10 years. However, there are several federal student loan repayment plans such as income-based repayment (IBR) plans that allow you to pay a lower amount each month based on your income.

You can determine how much you will pay in student loans each month with this free student loan payment calculator. This payment calculator for student loans shows you how much you will pay each month and overall and calculates the answer for your automatically.

For example, let’s assume that you have $50,000 in student loans at an 8% interest rate with a 10-year standard repayment term.

Based on this payment calculator for student loans, you would pay $607 per month, and you would pay a total of $72,797 over the term of your student loan.

How long will it take me to pay off my student loans?

The standard repayment plan to pay off your federal student loans is 10 years. The standard repayment plan for private student loans typically varies from 5-20 years. However, you can pay off your student loans as quickly or as slowly as you can. Why? Unlike some mortgages, there is no prepayment penalty to pay off your student loans early.
Federal student loan repayment plans such as PAYE offer student loan forgiveness for undergraduate student loans after 20 years, while the federal student loan repayment plan REPAYE offers student loan forgiveness for graduate student loans after 25 years.

A student loan prepayment calculator is an ideal tool to show you how you can prepay your student loans, and save money in the process.

For example, let’s assume that you have $50,000 in student loans at an 8% interest rate with a 10-year standard repayment term.

Based on this student loan prepay calculator, you would pay $607 per month, and you would pay a total of $72,797 over the term of your student loan.

Now, let’s assume that you increase your payment by only $100 per month. You would save $4,923 over the life of your loan, and you would pay off your student loans 1.99 years earlier.

Can you prepay your student loans?

Yes, you can prepay your student loans because there is no prepayment penalty. Unlike some mortgages, you can pay off your student loans at any time without incurring any fees.

To see how much money you will save when you prepay your student loans, you should use a student loan prepay calculator.

Is there a penalty to prepay your student loans?

No, there is no penalty to prepay your student loans. Whether you have federal student loans or private student loans, or both, there is no prepayment penalty to pay off your student loans early.

How does this student loan prepayment calculator work?

A student loan prepayment calculator shows you how much money you can save when you prepay your student loans. A prepayment calculator also breaks down how much you can save each month and in total.

Here is how a prepayment calculator for student loans works:

Step 1. Enter your student loan balance, average interest rate. If you have multiple student loans, you can enter the total balance and the weighted average interest rate. To calculate the weighted average interest rate, you can use this weighted average interest rate calculator.

Step 2. Your current monthly payment will be calculated automatically.

Step 3. For the prepayment amount, you have two choices. The first choice you can make a higher monthly payment, such as $100 per month. You can enter any amount of money you would like to add to your monthly payment. This incremental amount is the amount you want to prepay. The second choice is you can choose the number of years that you want to pay off your student loans. For example, if you are on a 10 year standard repayment plan, the prepayment calculator will allow you to say you want to pay off your student loans in 7 years, for example. Choose either the extra monthly payment or the number of years for student loan payoff.

Step 4. You’re all done.

Step 5. The student loan prepayment calculator will calculate your total monthly payment, your total lifetime savings and how many years early you will pay off your student loans.

How much do you pay per month for student loans?

The amount that you will pay each month for student loans is based on your principal balance and your interest rate. You can use this student loan calculator to calculate your estimated monthly payment.

What is the smartest way to prepay student loans?

The smartest way to prepay student loans is to pay off your student loan debt with two strategies. The good news is that student loans do not have prepayment penalties so it will not cost you to pay off your student loans early.

The first prepayment strategy is a lump-sum prepayment. With a lump-sum prepayment, you can make a one-time payment of any amount. The benefit of this strategy is that the lump-sum amount will directly reduce your principal loan balance.

The second prepayment strategy is to increase your monthly payment. That may sound counter-intuitive and expensive, but it will save you money in the long-run. Why? Student loan prepayment is all about reducing your principal balance and saving interest. This student loan prepayment calculator shows you how to save money when you prepay student loans.

Student Loan Prepayment Calculator
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