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Student Loan Prepayment Calculator

Want to payoff your student loans early? The Student Loan Prepayment Calculator helps you determine how much in additional payments you need to make each month to hit your debt payoff date goal. Or you can calculate how much faster you’ll pay off your student loans when making extra payments as well as how much interest you can save.

OriginalWith PrepaymentSavings
Monthly Payment$383/mo$600/mo$217/mo
Interest Paid$11,014$6,082$4,931
Total Amount Paid$46,014$41,083$4,931
Time to Repayment~10yr~5.8yr~4.3yr

Student Loan Prepayment Calculator FAQs

1. How do I calculate my average interest rate?

If you have multiple student loans, use our Weighted Average Interest Rate Calculator to find your average interest rate.

2. How do I make extra payments on my student loans and make sure the payments are applied correctly?

Check out this blog post to find out.

Trying to find ways to make your repayment more efficient? Consider refinancing to a lower interest rate. Answer a few questions below and we’ll help decide if this is a good solution! Otherwise, scroll down to read on.

3. Is it better to pay off my student loans early or invest the money instead?

That depends! Check out our Payoff vs. Invest Calculator to help you decide. You can also see this post on the SLH blog.

Interested in refinancing student loans?

Here are the top 6 lenders of 2017!
LenderRates (APR)Eligible Degrees 
Check out the testimonials and our in-depth reviews!
2.56% - 6.74%Undergrad & GraduateVisit SoFi
3.64% - 7.20%Undergrad & GraduateVisit DRB
2.56% - 6.74%Undergrad & GraduateVisit CommonBond
2.43% - 7.26%Undergrad & GraduateVisit LendKey
2.59% - 8.38%Undergrad & GraduateVisit Citizens
3.00% - 7.35%Undergrad & GraduateVisit CollegeAve
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.