Finance Tools
Student Loan Interest Savings Calculator
Calculate how much interest you can save on a student loan by making extra monthly payments.
Calculate how much interest you can save by making extra payments on your student loan.
How to use this student loan interest savings calculator
- Enter your current student loan balance.
- Enter the annual interest rate.
- Enter your regular monthly payment.
- Enter an optional extra payment per month.
- Click Calculate to see interest savings and new payoff time.
Example
For example, a $30,000 student loan at 6% interest with a $300 payment and $50 extra payment will show:
- Original payoff time vs accelerated payoff time.
- Total interest paid vs interest saved.
- Months saved by adding extra payments.
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