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ix
Specify the dollar amount of an extra payment you will make each month to see how much money you will save over the life of the loan.
Closeix
Specify the number of years you want to cut off of the repayment term to see how much extra you must pay per month to achieve this goal and how much you will save over the life of the loan.
CloseMore Calculators
- Income Based Repayment Calculator
- Income Contingent Repayment Calculator
- Pay As You Earn Repayment Calculator
- Revised Pay As You Earn Repayment Calculator
- Cost Of Deferment Calculator
- Financial Aid Calculator
- Trust Fund Calculator
- Loan Calculator
- Loan Comparison Calculator
- Scholarship Tax Calculator
- Student Loan Prepayment Calculator
- Student Loan Refinance Calculator
ix
Specify the dollar amount of an extra payment you will make each month to see how much money you will save over the life of the loan.
Closeix
Specify the number of years you want to cut off of the repayment term to see how much extra you must pay per month to achieve this goal and how much you will save over the life of the loan.
CloseStudent 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 $44,640.00 and a debt-to-income ratio of 0.8. 15% of monthly income corresponds to an annual income of $29,760.00 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 | $372.00 | $492.00 +$120.00 |
| Number of Payments | 120 | 85 -35 months |
| Total Interest | $9,639.94 | $6,673.86 |
| Change in Total Interest | - | $2,966 -31% |
| Total Payments | $44,639.94 | $41,673.86 |
| Change in Total Payments | - | $2,966 -7% |
| Loan Term | Monthly Payment | Number of Payments | Total Interest | Change in Total Interest | Total Payments | Change in Total Payment |
|---|---|---|---|---|---|---|
| Original loan | $372.00 | 12077.7% | $9,639.94 | - | $44,639.94 | - |
| Increase paymentWith early payoff | $492.00 +$120.00 | 85 -35 months 77.7% | $6,673.86 | $2,966.08 -31% | $41,673.86 | $2,966.08 -7% |
If there are no prepayment penalties, making an extra payment to principal each month can accelerate repayment of the loan.
Next Steps:
Check out our other loan prepayment calculator. It shows you how much you can save and how much sooner you can pay off your loans by making extra payments. It includes a nifty graphical display of the progress in paying down your debt, plus a detailed payment schedule.
| Payment Number | Monthly Payment | Interest Payment | Principal Payment | Cumulative Interest | Cumulative Principal | Remaining Balance |
|---|---|---|---|---|---|---|
| 1 | $372.00 | $147.15 | $224.85 | $147.15 | $224.85 | $34,775.15 |
| 2 | $372.00 | $146.20 | $225.80 | $293.35 | $450.65 | $34,549.35 |
| 3 | $372.00 | $145.25 | $226.75 | $438.60 | $677.40 | $34,322.60 |
| 4 | $372.00 | $144.30 | $227.70 | $582.90 | $905.10 | $34,094.90 |
| 5 | $372.00 | $143.34 | $228.66 | $726.24 | $1,133.76 | $33,866.24 |
| 6 | $372.00 | $142.38 | $229.62 | $868.62 | $1,363.38 | $33,636.62 |
| 7 | $372.00 | $141.41 | $230.59 | $1,010.03 | $1,593.97 | $33,406.03 |
| 8 | $372.00 | $140.44 | $231.56 | $1,150.47 | $1,825.53 | $33,174.47 |
| 9 | $372.00 | $139.47 | $232.53 | $1,289.94 | $2,058.06 | $32,941.94 |
| 10 | $372.00 | $138.49 | $233.51 | $1,428.44 | $2,291.56 | $32,708.44 |
| 11 | $372.00 | $137.51 | $234.49 | $1,565.95 | $2,526.05 | $32,473.95 |
| 12 | $372.00 | $136.53 | $235.47 | $1,702.48 | $2,761.52 | $32,238.48 |
| 13 | $372.00 | $135.54 | $236.46 | $1,838.01 | $2,997.99 | $32,002.01 |
| 14 | $372.00 | $134.54 | $237.46 | $1,972.55 | $3,235.45 | $31,764.55 |
| 15 | $372.00 | $133.54 | $238.46 | $2,106.10 | $3,473.90 | $31,526.10 |
| 16 | $372.00 | $132.54 | $239.46 | $2,238.64 | $3,713.36 | $31,286.64 |
| 17 | $372.00 | $131.53 | $240.47 | $2,370.17 | $3,953.83 | $31,046.17 |
| 18 | $372.00 | $130.52 | $241.48 | $2,500.70 | $4,195.30 | $30,804.70 |
| 19 | $372.00 | $129.51 | $242.49 | $2,630.20 | $4,437.80 | $30,562.20 |
| 20 | $372.00 | $128.49 | $243.51 | $2,758.69 | $4,681.31 | $30,318.69 |
| 21 | $372.00 | $127.46 | $244.54 | $2,886.16 | $4,925.84 | $30,074.16 |
| 22 | $372.00 | $126.44 | $245.56 | $3,012.59 | $5,171.41 | $29,828.59 |
| 23 | $372.00 | $125.40 | $246.60 | $3,138.00 | $5,418.00 | $29,582.00 |
| 24 | $372.00 | $124.37 | $247.63 | $3,262.37 | $5,665.63 | $29,334.37 |
| 25 | $372.00 | $123.33 | $248.67 | $3,385.69 | $5,914.31 | $29,085.69 |
| 26 | $372.00 | $122.28 | $249.72 | $3,507.97 | $6,164.03 | $28,835.97 |
| 27 | $372.00 | $121.23 | $250.77 | $3,629.20 | $6,414.80 | $28,585.20 |
| 28 | $372.00 | $120.18 | $251.82 | $3,749.38 | $6,666.62 | $28,333.38 |
| 29 | $372.00 | $119.12 | $252.88 | $3,868.50 | $6,919.50 | $28,080.50 |
| 30 | $372.00 | $118.06 | $253.94 | $3,986.56 | $7,173.44 | $27,826.56 |
| 31 | $372.00 | $116.99 | $255.01 | $4,103.54 | $7,428.46 | $27,571.54 |
| 32 | $372.00 | $115.92 | $256.08 | $4,219.46 | $7,684.54 | $27,315.46 |
| 33 | $372.00 | $114.84 | $257.16 | $4,334.30 | $7,941.70 | $27,058.30 |
| 34 | $372.00 | $113.76 | $258.24 | $4,448.05 | $8,199.95 | $26,800.05 |
| 35 | $372.00 | $112.67 | $259.33 | $4,560.73 | $8,459.27 | $26,540.73 |
| 36 | $372.00 | $111.58 | $260.42 | $4,672.31 | $8,719.69 | $26,280.31 |
| 37 | $372.00 | $110.49 | $261.51 | $4,782.79 | $8,981.21 | $26,018.79 |
| 38 | $372.00 | $109.39 | $262.61 | $4,892.18 | $9,243.82 | $25,756.18 |
| 39 | $372.00 | $108.28 | $263.72 | $5,000.47 | $9,507.53 | $25,492.47 |
| 40 | $372.00 | $107.17 | $264.83 | $5,107.64 | $9,772.36 | $25,227.64 |
| 41 | $372.00 | $106.06 | $265.94 | $5,213.70 | $10,038.30 | $24,961.70 |
| 42 | $372.00 | $104.94 | $267.06 | $5,318.64 | $10,305.36 | $24,694.64 |
| 43 | $372.00 | $103.82 | $268.18 | $5,422.46 | $10,573.54 | $24,426.46 |
| 44 | $372.00 | $102.69 | $269.31 | $5,525.16 | $10,842.84 | $24,157.16 |
| 45 | $372.00 | $101.56 | $270.44 | $5,626.72 | $11,113.28 | $23,886.72 |
| 46 | $372.00 | $100.42 | $271.58 | $5,727.14 | $11,384.86 | $23,615.14 |
| 47 | $372.00 | $99.28 | $272.72 | $5,826.42 | $11,657.58 | $23,342.42 |
| 48 | $372.00 | $98.14 | $273.86 | $5,924.56 | $11,931.44 | $23,068.56 |
| 49 | $372.00 | $96.98 | $275.02 | $6,021.54 | $12,206.46 | $22,793.54 |
| 50 | $372.00 | $95.83 | $276.17 | $6,117.37 | $12,482.63 | $22,517.37 |
| 51 | $372.00 | $94.67 | $277.33 | $6,212.04 | $12,759.96 | $22,240.04 |
| 52 | $372.00 | $93.50 | $278.50 | $6,305.54 | $13,038.46 | $21,961.54 |
| 53 | $372.00 | $92.33 | $279.67 | $6,397.87 | $13,318.13 | $21,681.87 |
| 54 | $372.00 | $91.15 | $280.85 | $6,489.02 | $13,598.98 | $21,401.02 |
| 55 | $372.00 | $89.97 | $282.03 | $6,579.00 | $13,881.00 | $21,119.00 |
| 56 | $372.00 | $88.79 | $283.21 | $6,667.78 | $14,164.22 | $20,835.78 |
| 57 | $372.00 | $87.60 | $284.40 | $6,755.38 | $14,448.62 | $20,551.38 |
| 58 | $372.00 | $86.40 | $285.60 | $6,841.78 | $14,734.22 | $20,265.78 |
| 59 | $372.00 | $85.20 | $286.80 | $6,926.98 | $15,021.02 | $19,978.98 |
| 60 | $372.00 | $83.99 | $288.01 | $7,010.98 | $15,309.02 | $19,690.98 |
| 61 | $372.00 | $82.78 | $289.22 | $7,093.76 | $15,598.24 | $19,401.76 |
| 62 | $372.00 | $81.57 | $290.43 | $7,175.33 | $15,888.67 | $19,111.33 |
| 63 | $372.00 | $80.35 | $291.65 | $7,255.68 | $16,180.32 | $18,819.68 |
| 64 | $372.00 | $79.12 | $292.88 | $7,334.80 | $16,473.20 | $18,526.80 |
| 65 | $372.00 | $77.89 | $294.11 | $7,412.69 | $16,767.31 | $18,232.69 |
| 66 | $372.00 | $76.65 | $295.35 | $7,489.34 | $17,062.66 | $17,937.34 |
| 67 | $372.00 | $75.41 | $296.59 | $7,564.75 | $17,359.25 | $17,640.75 |
| 68 | $372.00 | $74.16 | $297.84 | $7,638.92 | $17,657.08 | $17,342.92 |
| 69 | $372.00 | $72.91 | $299.09 | $7,711.83 | $17,956.17 | $17,043.83 |
| 70 | $372.00 | $71.66 | $300.34 | $7,783.49 | $18,256.51 | $16,743.49 |
| 71 | $372.00 | $70.39 | $301.61 | $7,853.88 | $18,558.12 | $16,441.88 |
| 72 | $372.00 | $69.12 | $302.88 | $7,923.00 | $18,861.00 | $16,139.00 |
| 73 | $372.00 | $67.85 | $304.15 | $7,990.85 | $19,165.15 | $15,834.85 |
| 74 | $372.00 | $66.57 | $305.43 | $8,057.43 | $19,470.57 | $15,529.43 |
| 75 | $372.00 | $65.29 | $306.71 | $8,122.71 | $19,777.29 | $15,222.71 |
| 76 | $372.00 | $64.00 | $308.00 | $8,186.71 | $20,085.29 | $14,914.71 |
| 77 | $372.00 | $62.70 | $309.30 | $8,249.42 | $20,394.58 | $14,605.42 |
| 78 | $372.00 | $61.40 | $310.60 | $8,310.82 | $20,705.18 | $14,294.82 |
| 79 | $372.00 | $60.10 | $311.90 | $8,370.92 | $21,017.08 | $13,982.92 |
| 80 | $372.00 | $58.79 | $313.21 | $8,429.71 | $21,330.29 | $13,669.71 |
| 81 | $372.00 | $57.47 | $314.53 | $8,487.18 | $21,644.82 | $13,355.18 |
| 82 | $372.00 | $56.15 | $315.85 | $8,543.32 | $21,960.68 | $13,039.32 |
| 83 | $372.00 | $54.82 | $317.18 | $8,598.14 | $22,277.86 | $12,722.14 |
| 84 | $372.00 | $53.49 | $318.51 | $8,651.63 | $22,596.37 | $12,403.63 |
| 85 | $372.00 | $52.15 | $319.85 | $8,703.77 | $22,916.23 | $12,083.77 |
| 86 | $372.00 | $50.80 | $321.20 | $8,754.58 | $23,237.42 | $11,762.58 |
| 87 | $372.00 | $49.45 | $322.55 | $8,804.03 | $23,559.97 | $11,440.03 |
| 88 | $372.00 | $48.10 | $323.90 | $8,852.12 | $23,883.88 | $11,116.12 |
| 89 | $372.00 | $46.73 | $325.27 | $8,898.86 | $24,209.14 | $10,790.86 |
| 90 | $372.00 | $45.37 | $326.63 | $8,944.23 | $24,535.77 | $10,464.23 |
| 91 | $372.00 | $43.99 | $328.01 | $8,988.22 | $24,863.78 | $10,136.22 |
| 92 | $372.00 | $42.61 | $329.39 | $9,030.83 | $25,193.17 | $9,806.83 |
| 93 | $372.00 | $41.23 | $330.77 | $9,072.06 | $25,523.94 | $9,476.06 |
| 94 | $372.00 | $39.84 | $332.16 | $9,111.90 | $25,856.10 | $9,143.90 |
| 95 | $372.00 | $38.44 | $333.56 | $9,150.34 | $26,189.66 | $8,810.34 |
| 96 | $372.00 | $37.04 | $334.96 | $9,187.38 | $26,524.62 | $8,475.38 |
| 97 | $372.00 | $35.63 | $336.37 | $9,223.02 | $26,860.98 | $8,139.02 |
| 98 | $372.00 | $34.22 | $337.78 | $9,257.23 | $27,198.77 | $7,801.23 |
| 99 | $372.00 | $32.80 | $339.20 | $9,290.03 | $27,537.97 | $7,462.03 |
| 100 | $372.00 | $31.37 | $340.63 | $9,321.40 | $27,878.60 | $7,121.40 |
| 101 | $372.00 | $29.94 | $342.06 | $9,351.34 | $28,220.66 | $6,779.34 |
| 102 | $372.00 | $28.50 | $343.50 | $9,379.84 | $28,564.16 | $6,435.84 |
| 103 | $372.00 | $27.06 | $344.94 | $9,406.90 | $28,909.10 | $6,090.90 |
| 104 | $372.00 | $25.61 | $346.39 | $9,432.51 | $29,255.49 | $5,744.51 |
| 105 | $372.00 | $24.15 | $347.85 | $9,456.66 | $29,603.34 | $5,396.66 |
| 106 | $372.00 | $22.69 | $349.31 | $9,479.35 | $29,952.65 | $5,047.35 |
| 107 | $372.00 | $21.22 | $350.78 | $9,500.57 | $30,303.43 | $4,696.57 |
| 108 | $372.00 | $19.75 | $352.25 | $9,520.31 | $30,655.69 | $4,344.31 |
| 109 | $372.00 | $18.26 | $353.74 | $9,538.58 | $31,009.42 | $3,990.58 |
| 110 | $372.00 | $16.78 | $355.22 | $9,555.35 | $31,364.65 | $3,635.35 |
| 111 | $372.00 | $15.28 | $356.72 | $9,570.64 | $31,721.36 | $3,278.64 |
| 112 | $372.00 | $13.78 | $358.22 | $9,584.42 | $32,079.58 | $2,920.42 |
| 113 | $372.00 | $12.28 | $359.72 | $9,596.70 | $32,439.30 | $2,560.70 |
| 114 | $372.00 | $10.77 | $361.23 | $9,607.47 | $32,800.53 | $2,199.47 |
| 115 | $372.00 | $9.25 | $362.75 | $9,616.71 | $33,163.29 | $1,836.71 |
| 116 | $372.00 | $7.72 | $364.28 | $9,624.43 | $33,527.57 | $1,472.43 |
| 117 | $372.00 | $6.19 | $365.81 | $9,630.62 | $33,893.38 | $1,106.62 |
| 118 | $372.00 | $4.65 | $367.35 | $9,635.28 | $34,260.72 | $739.28 |
| 119 | $372.00 | $3.11 | $368.89 | $9,638.39 | $34,629.61 | $370.39 |
| 120 | $371.94 | $1.56 | $370.38 | $9,639.94 | $35,000.00 | $0.00 |