Student Loan Repayment Calculator
Visualize your path to being debt-free. See how extra payments can save you thousands.
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Student Loan FAQ
Should I pay off my student loans early?
It depends on your interest rate and other financial goals. If your loan has a high interest rate (e.g., >6-7%), paying it off early provides a guaranteed "return" equal to the interest rate. If your rate is low, you might earn more by investing that extra money elsewhere.
What's the difference between principal and interest?
Principal is the amount of money you originally borrowed. Interest is the cost of borrowing that money, charged as a percentage of the principal. Your monthly payment covers the interest accrued that month plus a portion of the principal.
What is amortization?
Amortization is the process of paying off a debt over time through regular payments. An amortization schedule, like the one generated by this tool, shows exactly how much of each payment goes towards interest versus principal.