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Student Loan Repayment Calculator

Want to find out how much interest you’ve paid or how many months are left for you to pay off your student debt? Use one of these 3 best student loan repayment calculators.

The student loan repayment calculator lets you know how many more payments you need to make and when you’ll be free from your student debt.

It also teaches you just how quickly you can reclaim your financial freedom by being strategic about your loan repayments.

According to the Chamber of Commerce, in 2016, the average student loan debt of borrowers was just north of $31,000.

Knowing how to pay off student loans fast involves more than just sticking to your monthly payments.

The key is to be smart and make the most out of any and every loan repayment tip available.

By combining the best repayment strategies with this student loan payoff calculator, you’ll find out how soon you can clear yourself of student debt.

Read on to learn about the 3 best student loan repayment calculators you can use to help you plan ahead.

How the Student Loan Repayment Calculator Works

In order to use this loan payoff calculator, you need some basic information.

This will include:

  • The amount on your loan
  • Its interest rate
  • How much you expect to pay on the loan every month

These will inform you of the months or years that it will take to pay off the loan. Furthermore, the results will show you the total amount of interest you will have paid on the loan once it’s paid off.

For example, let’s say you took a student loan of $30,000 at an interest rate of 5%. To repay that loan, your loan provider mandates that you pay a minimum of $500 per month.

In such a scenario, you would have paid $500 on the loan for 69 months and have paid $4,580.89 in interest.

However, you can reduce the time and money you invest in repaying that loan by making extra payments.

Making Extra Payments

Using the same example above, let’s imagine that you put an extra $100 on your monthly student loan payment.

That would mean that you’d end up paying $600 instead of $500 monthly.

Granted, depending on your monthly earnings, making the extra $100 payment every month might be a squeeze.

However, if you can afford to, the benefits are worth it.

For starters, you would reduce your total interest payments from $4,580.89 to $3,698.16. That’s nearly a $1,000 difference.

Additionally, you’ll be able to get rid of your debt in 56 months compared to the time that you would have taken making regular payments.

In summary, the more you put down on your payments, the less you end up paying on interest. More importantly, you get one step closer to financial freedom.

It goes without saying that if you can’t afford to put more down on your monthly payments, don’t do it. Only pay more if your finances allow you to.

3 Best Student Loan Repayment Calculators

1.       FutureFuel.io

FutureFuel.io’s Reassess tool empowers student loan borrowers to make smarter decisions about their alternative repayment options.

It customizes calculations to a borrower’s unique circumstance, based on their marital status, income and state of residence.

Reassess demystifies the eligibility requirements for all government-sponsored repayment plans so you can save time and money. 

In a matter of minutes, see how much you could save with personalized calculations! The average borrower saves between $260 – $326 per month. 

2.       Student Loan Hero

Student Loan Hero’s Student Loan Prepayment Calculator helps you calculate different repayment options based on potential extra payments.

You have to put in your current loan balance, current interest rate, and your current monthly payment amount.

Then, select how much extra you’re willing to pay or in how many years you intend to pay it off in.

The results show you how much faster you can pay off your loan based on the extra payments or you can see how much you’ll have to pay to pay off your loan at a certain repayment term.

3.       MagnifyMoney

MagnifyMoney’s Student Loan Prepayment Calculator provides details on potential prepayment avenues based on how much extra you can pay.

When you enter your current loan info and your desired monthly payment, it’ll show you the monthly payment amount, interest paid, total amount paid, and the time to repay your loans

It’ll also show you the savings you’ll be making on the interest paid, the total amount, and the repayment term. Based on that, you can decide whether paying extra is worth it or not.

Start Using the Student Loan Repayment Calculator

All in all, using the student loan repayment calculator helps you get a better idea of your student debt situation. It can be used as a way to gauge different repayment plans.

Or you can simply use it to see how many more payments you need to make.

In any case, if you combine its use with a personalized financial health platform like FutureFuel.io, you could double your efforts and clear your debt faster.