Finance tool

Student Loan Refinance Extra Payments Calculator

Calculate interest savings and payoff acceleration on refinanced private student loans.

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Accelerating Refinanced Private Loans

Because private loans offer no federal forgiveness options, applying extra payments to principal is an effective way to lower borrowing costs.

Frequently Asked Questions

Are there prepayment fees on refinanced private loans?

Under US federal law, education loans cannot carry prepayment penalties.

How does extra principal affect private variable loans?

Prepaying principal cushions against rising payment obligations if benchmark variable interest rates increase.

Should extra funds go to loans or emergency savings?

Maintain an emergency reserve covering 3 to 6 months of expenses before dedicating cash to accelerated loan payoffs.

Can you refinance a previously refinanced loan?

Yes, you can refinance multiple times whenever interest rates fall or your credit score improves.

How to use

Calculate in three steps

  1. 1
    Enter your valuesUse the fields above and check the units shown beside each input.
  2. 2
    Run the calculationSelect Calculate to refresh the result with your latest values.
  3. 3
    Review or shareCompare the result, reset the form, print it, or share this page.
Inputs

What you need

Current Refinanced Balance$
Interest Rate%
Current Monthly Payment$
Extra Monthly Principal$
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