Lump Sum Extra Payment Calculator

Whether it’s from a tax refund, inheritance, bonus, or something else, making a one-time, lump sum extra payment towards your debt can help you save money. The Lump Sum Extra Payment Calculator estimates how much you’ll save on interest by making this extra payment. You’ll also see how much faster you’ll pay off your loans.

OriginalAfter extra paymentSavings
Payoff date
Total paid

Lump Sum Extra Payment Calculator FAQs

1. What do I do if I have more than one loan?

Use our Weighted Average Interest Rate Calculator first to add up your total loan balance and an average interest rate. Then, come back to this calculator and input the values you received from the Weighted Average Calculator.

2. What if I want to make extra payments every month?

We’re glad to hear it! If you’re planning to do this, our Prepayment Calculator will better help you calculate your savings and term reduction.

3. How do I make sure my extra student loan payments are applied correctly to my loans?

You can learn how to do this here: Are Your Extra Student Loan Payments Being Applied Correctly? Follow These Steps to Make Sure You’re Maximizing Savings on Interest.

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Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.