You can also use it to compare the total payments and total interest paid for different interest rates, loan terms and monthly payments. This calculator assumes that the interest rate remains constant throughout the life of the loan. Many educational loan programs, including the Stafford and PLUS loans, have variable interest rates. This calculator also assumes that the loan will be repaid in equal monthly installments. The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.
Some educational loans have a minimum monthly payment.
Enter a higher figure to see how much money you can save by paying off your debt faster. All rights reserved.