See your monthly payment, total interest, and exactly how much you save by paying off early — in seconds.
Paying one additional monthly payment annually can shave 1–2 years off a 10-year loan and save thousands in interest.
Split your payment in half and pay every two weeks. You'll make 26 half-payments (13 full) per year without noticing.
If your credit score improves or rates fall, refinancing a $30,000 loan from 7% to 5% saves over $3,000 over 10 years.
Many servicers offer a 0.25% rate reduction for enrolling in autopay. Small, but completely free.
US federal IDR plans cap payments at 5–10% of discretionary income and may forgive remaining balances after 20–25 years.
Work for a qualifying employer for 10 years while making payments and your remaining federal balance is forgiven tax-free.
We use the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1] where P is principal, r is monthly interest rate, and n is number of payments. This matches the method used by all major loan servicers.
US federal undergraduate loans for 2024–25 are set at 6.53%. Graduate loans are 8.08%. Private loans range from ~4–15% depending on your credit. If your rate is above 7–8%, refinancing is worth exploring once you have stable income.
If your rate is above 6–7%, early payoff usually beats investing. Below 5%, you may earn more in an index fund. Use the calculator above to see your exact savings — then decide.
In the US you can deduct up to $2,500/year if your MAGI is below $75,000 (single) or $155,000 (married filing jointly). It's an above-the-line deduction — no itemizing needed.
Federal loans enter delinquency after one missed payment and default after 270 days. Default triggers wage garnishment and credit damage. Income-driven plans can lower payments to $0 if needed — always explore these first.
UK loans are income-contingent (9% of earnings above threshold), not fixed monthly amounts. This calculator applies to US federal/private loans and most international private loans.