See how extra payments can save you thousands in interest. Plan your path to being debt-free.
Payoff Date (Min. Payment)
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Total Interest Paid
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Payoff Date (With Extras)
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Total Interest Paid (With Extras)
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Interest Saved
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The avalanche method focuses on paying off loans with the highest interest rates first. This mathematically saves you the most money in interest.
The snowball method focuses on paying off the smallest loan first, regardless of interest rate. Quick wins keep you motivated.
Even small extra payments can save thousands in interest. For example, adding $100/month to a $50,000 loan at 5.5% interest can save over $8,000 in interest and shorten your payoff by several years. Use the calculator above to see your exact savings.
The avalanche method pays off loans with the highest interest rate first, saving the most money overall. The snowball method pays off the smallest balance first, giving psychological wins. Mathematically, avalanche saves more, but snowball can help with motivation.
Compare your loan interest rate to potential investment returns. If your loan rate is above 6-7%, paying it off is generally a guaranteed return. If below 4-5%, investing may earn more over time. Consider your risk tolerance and financial goals.
Yes. Extra payments reduce your principal balance, which means less interest accrues each month. Make sure your extra payments are applied to principal, not future payments. Contact your servicer to confirm how extra payments are applied.
Yes. You can make lump sum payments at any time on federal student loans with no prepayment penalty. This is a great strategy when you receive a bonus, tax refund, or inheritance.
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