Student Loan Repayment Calculator
Use the student loan repayment calculator below to see how extra payments can reduce the total cost of your loan. If you'd like to repay your student loan sooner, the Discover student loan repayment calculator will help you determine how additional monthly payments can reduce the amount of interest you pay during repayment.
Plug in your loan repayment details and select a payment option to see how you can pay off your loan sooner. There’s never a penalty for prepaying your student loan.
Let’s see your estimated savings.
If you make an extra payment of $1,000 toward your principal balance, you can shorten your repayment term to approximately 4.8 and save $1288.67 in interest over the life of the loan.
If you pay off your loan in 10 years by making additional monthly payments of approximately $254.84, you can save an estimated $3466.33 in interest over the life of the loan.
Total loan cost
This calculator provides estimates intended for use only as a planning guide. Results are based on a standard repayment plan (where you pay a fixed amount every month for a set number of months depending on your loan term) and the prepayment scenario you input above, and assumes:
- A fixed interest rate that will remain the same throughout the life of the loan;
- Your loan is currently in repayment; and
- A minimum monthly payment amount of $50.
We do not guarantee the calculator's accuracy or applicability to your circumstances, and we encourage you to consult a qualified professional for assistance in analyzing your overall financial situation.
