![]() The products featured on this website are from our partners who compensate us. How does Mentor make money? We are a for-profit company and receive compensation from a partner when you apply for and receive a partner's product through Mentor. Mentor also does not provide financial, legal, investment, accounting or investment advice. We are not a lender, broker, credit card issuer or financial or investment adviser. Department of Education or any other government agency. We are not affiliated with or endorsed by the U.S. Please consult a licensed financial professional before making any financial decisions. The results and default figures shown in our tools and calculators are hypothetical and may not apply to your individual situation. Our tools and calculators are for illustrative purposes only and are not guaranteed to be accurate. Mentor Content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner. ![]() Mentor Content is not intended to provide financial, legal, investment, accounting or tax advice. We provide articles, comparison tools, calculators and other content ("Mentor Content") for free and for educational and informational purposes only. All financial products and services are presented without warranty or guarantee. Mentor is not involved in the application, underwriting or credit decision for any product or service. For the most updated information, please review the rates, terms, conditions and disclosures on the lender’s or credit card issuer’s website before you apply. Please note that the rates and terms on this website are estimates and may change at any time and/or differ from your final rate and terms. The student loan prepayment calculator will calculate your total monthly payment, your total lifetime savings and how many years early you will pay off your student loans.ĭisclaimer: Mentor strives to keep information on this website accurate and updated. Choose either the extra monthly payment or the number of years for student loan payoff. For example, if you are on a 10 year standard repayment plan, the prepayment calculator will allow you to say you want to pay off your student loans in 7 years, for example. The second choice is you can choose the number of years that you want to pay off your student loans. ![]() This incremental amount is the amount you want to prepay. You can enter any amount of money you would like to add to your monthly payment. The first choice you can make a higher monthly payment, such as $100 per month. For the prepayment amount, you have two choices. Your current monthly payment will be calculated automatically. To calculate the weighted average interest rate, you can use this weighted average interest rate calculator. If you have multiple student loans, you can enter the total balance and the weighted average interest rate. Enter your student loan balance, average interest rate.
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