Loan Prepayment Calculator

This loan prepayment calculator shows you how much you can save and how much sooner you can pay off your loan by making extra payments. The loan prepayment calculator may be used to evaluate the impact of making an extra payment each month on the total payments, total interest paid and the time in repayment. The loan prepayment calculator may also be used to determine how much extra you must pay per month to pay off the remaining debt within a given number of years. This calculator may be used with federal student loans, private student loans, fixed-rate mortgages and other loans involving level amortization.

Loan details

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Student loan payments are considered to be affordable if they are less than 10% of monthly gross income, with a stretch limit of 15%. 10% of monthly income corresponds to an annual income of $45,121.20 and a debt-to-income ratio of 0.8. 15% of monthly income corresponds to an annual income of $30,080.80 and a debt-to-income ratio of 1.2.

A good rule of thumb is that your total student loan debt at graduation should be less than your annual starting salary, and, ideally, a lot less.

This table shows the impact of increasing the monthly payment on the monthly loan payment and the total cost of the loan. Choose the shortest repayment term with the highest loan payment you can afford.

Loan Term
Original loan
Increase payment
With early payoff
Monthly Payment$376.01
$496.01
+$120.00
Number of Payments
120
85
-35 months
Total Interest$10,120.87$7,144.73
Change in Total Interest-
$2,976
-29%
Total Payments$45,120.87$42,144.73
Change in Total Payments-
$2,976
-7%
Loan TermMonthly PaymentNumber of PaymentsTotal InterestChange in Total InterestTotal PaymentsChange in Total Payment
Original loan
$376.01
120
$10,120.87-$45,120.87-
Increase paymentWith early payoff
$496.01
+$120.00
85
-35 months
$7,144.73
$2,976.14
-29%
$42,144.73
$2,976.14
-7%

If there are no prepayment penalties, making an extra payment to principal each month can accelerate repayment of the loan.

Payment NumberMonthly PaymentInterest PaymentPrincipal PaymentCumulative InterestCumulative PrincipalRemaining Balance
1 $376.01 $148.73 $227.28 $148.73 $227.28 $35,149.84
2 $376.01 $147.78 $228.23 $296.51 $455.51 $34,921.61
3 $376.01 $146.82 $229.19 $443.32 $684.71 $34,692.41
4 $376.01 $145.85 $230.16 $589.18 $914.86 $34,462.26
5 $376.01 $144.89 $231.12 $734.06 $1,145.99 $34,231.13
6 $376.01 $143.91 $232.10 $877.97 $1,378.09 $33,999.03
7 $376.01 $142.94 $233.07 $1,020.91 $1,611.16 $33,765.96
8 $376.01 $141.96 $234.05 $1,162.87 $1,845.21 $33,531.91
9 $376.01 $140.97 $235.04 $1,303.84 $2,080.25 $33,296.87
10 $376.01 $139.99 $236.02 $1,443.83 $2,316.27 $33,060.85
11 $376.01 $138.99 $237.02 $1,582.82 $2,553.29 $32,823.83
12 $376.01 $138.00 $238.01 $1,720.82 $2,791.30 $32,585.82
13 $376.01 $137.00 $239.01 $1,857.82 $3,030.31 $32,346.81
14 $376.01 $135.99 $240.02 $1,993.81 $3,270.33 $32,106.79
15 $376.01 $134.98 $241.03 $2,128.79 $3,511.36 $31,865.76
16 $376.01 $133.97 $242.04 $2,262.76 $3,753.40 $31,623.72
17 $376.01 $132.95 $243.06 $2,395.71 $3,996.46 $31,380.66
18 $376.01 $131.93 $244.08 $2,527.64 $4,240.54 $31,136.58
19 $376.01 $130.90 $245.11 $2,658.54 $4,485.65 $30,891.47
20 $376.01 $129.87 $246.14 $2,788.42 $4,731.78 $30,645.34
21 $376.01 $128.84 $247.17 $2,917.25 $4,978.96 $30,398.16
22 $376.01 $127.80 $248.21 $3,045.05 $5,227.17 $30,149.95
23 $376.01 $126.76 $249.25 $3,171.81 $5,476.42 $29,900.70
24 $376.01 $125.71 $250.30 $3,297.52 $5,726.72 $29,650.40
25 $376.01 $124.66 $251.35 $3,422.17 $5,978.08 $29,399.04
26 $376.01 $123.60 $252.41 $3,545.77 $6,230.49 $29,146.63
27 $376.01 $122.54 $253.47 $3,668.31 $6,483.96 $28,893.16
28 $376.01 $121.47 $254.54 $3,789.78 $6,738.50 $28,638.62
29 $376.01 $120.40 $255.61 $3,910.18 $6,994.11 $28,383.01
30 $376.01 $119.33 $256.68 $4,029.51 $7,250.79 $28,126.33
31 $376.01 $118.25 $257.76 $4,147.75 $7,508.56 $27,868.56
32 $376.01 $117.16 $258.85 $4,264.92 $7,767.40 $27,609.72
33 $376.01 $116.08 $259.93 $4,380.99 $8,027.34 $27,349.78
34 $376.01 $114.98 $261.03 $4,495.98 $8,288.36 $27,088.76
35 $376.01 $113.89 $262.12 $4,609.86 $8,550.49 $26,826.63
36 $376.01 $112.78 $263.23 $4,722.65 $8,813.71 $26,563.41
37 $376.01 $111.68 $264.33 $4,834.32 $9,078.05 $26,299.07
38 $376.01 $110.57 $265.44 $4,944.89 $9,343.49 $26,033.63
39 $376.01 $109.45 $266.56 $5,054.34 $9,610.05 $25,767.07
40 $376.01 $108.33 $267.68 $5,162.67 $9,877.73 $25,499.39
41 $376.01 $107.20 $268.81 $5,269.87 $10,146.54 $25,230.58
42 $376.01 $106.07 $269.94 $5,375.95 $10,416.47 $24,960.65
43 $376.01 $104.94 $271.07 $5,480.88 $10,687.55 $24,689.57
44 $376.01 $103.80 $272.21 $5,584.68 $10,959.76 $24,417.36
45 $376.01 $102.65 $273.36 $5,687.34 $11,233.11 $24,144.01
46 $376.01 $101.51 $274.50 $5,788.84 $11,507.62 $23,869.50
47 $376.01 $100.35 $275.66 $5,889.19 $11,783.28 $23,593.84
48 $376.01 $99.19 $276.82 $5,988.39 $12,060.09 $23,317.03
49 $376.01 $98.03 $277.98 $6,086.42 $12,338.07 $23,039.05
50 $376.01 $96.86 $279.15 $6,183.28 $12,617.22 $22,759.90
51 $376.01 $95.69 $280.32 $6,278.96 $12,897.55 $22,479.57
52 $376.01 $94.51 $281.50 $6,373.47 $13,179.05 $22,198.07
53 $376.01 $93.32 $282.69 $6,466.79 $13,461.74 $21,915.38
54 $376.01 $92.14 $283.87 $6,558.93 $13,745.61 $21,631.51
55 $376.01 $90.94 $285.07 $6,649.87 $14,030.68 $21,346.44
56 $376.01 $89.74 $286.27 $6,739.62 $14,316.94 $21,060.18
57 $376.01 $88.54 $287.47 $6,828.16 $14,604.41 $20,772.71
58 $376.01 $87.33 $288.68 $6,915.49 $14,893.09 $20,484.03
59 $376.01 $86.12 $289.89 $7,001.61 $15,182.98 $20,194.14
60 $376.01 $84.90 $291.11 $7,086.51 $15,474.09 $19,903.03
61 $376.01 $83.68 $292.33 $7,170.18 $15,766.43 $19,610.69
62 $376.01 $82.45 $293.56 $7,252.63 $16,059.99 $19,317.13
63 $376.01 $81.21 $294.80 $7,333.84 $16,354.79 $19,022.33
64 $376.01 $79.97 $296.04 $7,413.81 $16,650.83 $18,726.29
65 $376.01 $78.73 $297.28 $7,492.54 $16,948.11 $18,429.01
66 $376.01 $77.48 $298.53 $7,570.02 $17,246.64 $18,130.48
67 $376.01 $76.22 $299.79 $7,646.25 $17,546.42 $17,830.70
68 $376.01 $74.96 $301.05 $7,721.21 $17,847.47 $17,529.65
69 $376.01 $73.70 $302.31 $7,794.91 $18,149.78 $17,227.34
70 $376.01 $72.43 $303.58 $7,867.33 $18,453.37 $16,923.75
71 $376.01 $71.15 $304.86 $7,938.48 $18,758.23 $16,618.89
72 $376.01 $69.87 $306.14 $8,008.35 $19,064.37 $16,312.75
73 $376.01 $68.58 $307.43 $8,076.93 $19,371.80 $16,005.32
74 $376.01 $67.29 $308.72 $8,144.22 $19,680.52 $15,696.60
75 $376.01 $65.99 $310.02 $8,210.21 $19,990.54 $15,386.58
76 $376.01 $64.69 $311.32 $8,274.90 $20,301.86 $15,075.26
77 $376.01 $63.38 $312.63 $8,338.28 $20,614.49 $14,762.63
78 $376.01 $62.06 $313.95 $8,400.34 $20,928.44 $14,448.68
79 $376.01 $60.74 $315.27 $8,461.09 $21,243.70 $14,133.42
80 $376.01 $59.42 $316.59 $8,520.51 $21,560.29 $13,816.83
81 $376.01 $58.09 $317.92 $8,578.60 $21,878.21 $13,498.91
82 $376.01 $56.75 $319.26 $8,635.35 $22,197.47 $13,179.65
83 $376.01 $55.41 $320.60 $8,690.76 $22,518.07 $12,859.05
84 $376.01 $54.06 $321.95 $8,744.82 $22,840.02 $12,537.10
85 $376.01 $52.71 $323.30 $8,797.53 $23,163.32 $12,213.80
86 $376.01 $51.35 $324.66 $8,848.88 $23,487.98 $11,889.14
87 $376.01 $49.98 $326.03 $8,898.86 $23,814.01 $11,563.11
88 $376.01 $48.61 $327.40 $8,947.47 $24,141.41 $11,235.71
89 $376.01 $47.24 $328.77 $8,994.71 $24,470.18 $10,906.94
90 $376.01 $45.85 $330.16 $9,040.56 $24,800.34 $10,576.78
91 $376.01 $44.47 $331.54 $9,085.03 $25,131.88 $10,245.24
92 $376.01 $43.07 $332.94 $9,128.10 $25,464.82 $9,912.30
93 $376.01 $41.67 $334.34 $9,169.78 $25,799.15 $9,577.97
94 $376.01 $40.27 $335.74 $9,210.04 $26,134.90 $9,242.22
95 $376.01 $38.86 $337.15 $9,248.90 $26,472.05 $8,905.07
96 $376.01 $37.44 $338.57 $9,286.34 $26,810.62 $8,566.50
97 $376.01 $36.01 $340.00 $9,322.35 $27,150.62 $8,226.50
98 $376.01 $34.59 $341.42 $9,356.94 $27,492.04 $7,885.08
99 $376.01 $33.15 $342.86 $9,390.09 $27,834.90 $7,542.22
100 $376.01 $31.71 $344.30 $9,421.80 $28,179.20 $7,197.92
101 $376.01 $30.26 $345.75 $9,452.06 $28,524.95 $6,852.17
102 $376.01 $28.81 $347.20 $9,480.87 $28,872.15 $6,504.97
103 $376.01 $27.35 $348.66 $9,508.21 $29,220.82 $6,156.30
104 $376.01 $25.88 $350.13 $9,534.10 $29,570.94 $5,806.18
105 $376.01 $24.41 $351.60 $9,558.51 $29,922.54 $5,454.58
106 $376.01 $22.93 $353.08 $9,581.44 $30,275.62 $5,101.50
107 $376.01 $21.45 $354.56 $9,602.89 $30,630.18 $4,746.94
108 $376.01 $19.96 $356.05 $9,622.84 $30,986.24 $4,390.88
109 $376.01 $18.46 $357.55 $9,641.30 $31,343.79 $4,033.33
110 $376.01 $16.96 $359.05 $9,658.26 $31,702.84 $3,674.28
111 $376.01 $15.45 $360.56 $9,673.71 $32,063.40 $3,313.72
112 $376.01 $13.93 $362.08 $9,687.64 $32,425.48 $2,951.64
113 $376.01 $12.41 $363.60 $9,700.05 $32,789.08 $2,588.04
114 $376.01 $10.88 $365.13 $9,710.93 $33,154.21 $2,222.91
115 $376.01 $9.35 $366.66 $9,720.27 $33,520.88 $1,856.24
116 $376.01 $7.80 $368.21 $9,728.08 $33,889.08 $1,488.04
117 $376.01 $6.26 $369.75 $9,734.33 $34,258.84 $1,118.28
118 $376.01 $4.70 $371.31 $9,739.04 $34,630.14 $746.98
119 $376.01 $3.14 $372.87 $9,742.18 $35,003.01 $374.11
120 $375.68 $1.57 $374.11 $9,743.75 $35,377.12 $0.00