Ready to buy a house but you want to pay off your student loans first? Use this student loan payoff calculator to see how much faster you can pay down your loans and become debt free faster.
Student Loan Payoff Calculator
What you will need to use the Student Loan Payoff Calculator?
To get started with the student loan payoff calculator you will need 4 things:
- Your original loan amount,
- The interest rate you are paying
- The term for paying off your loan
- How much extra you want to pay every month
How to use the Student Loan Payoff Calculator
Once you have put in the original loan details you can check out the different payment amounts you are thinking of and see their impact on your debt and how much faster it will help you to become debt free.
After you have an amount you can see how much faster you will pay off your student loans and then see how much you will save in interest by paying off your student debt faster.
Should I pay off my student loans faster?
Getting out of debt faster is always a good idea but your personal situation is really the factor that matters. If you find yourself feeling overwhelmed by your debt, it can make sense to get rid of it as quickly as possible.
Other Student Loan Calculators
Student loan consolidation calculator: if you have multiple student loans then you may have a harder time using this single lump sum amount. You can check out our student loan consolidation calculator to get a better idea of what consolidating all of your loans together will have on your payments and how much interest you can save in doing this.
Student Loan Refinance Calculator: if you have a student loans then you may want a more straightforward calculator. You can check out our student loan refinancing calculator to get a better idea of what a refinanced loan will have on your payments and how much interest you can save in doing this.