How to use student loan payoff calculator
By using a student loan payoff calculator you can estimate how long it will take to pay off your student loans
. Using the interest rate and outstanding student loan amount, the calculator will tell you the number of months it will take to pay off the loan at a given monthly payment amount.
You should follow some Instructions given below:
Before starting a payoff calculation you have to gather your latest account statement or online access to your account.
Step 1.
You have to prepare an amortization schedule, which is a list of monthly payments details. You can easily prepare an amortization schedule by using an online calculator or a spreadsheet template. To prepare an amortization schedule, you will need the principal amount, loan length, date of loan sanction and the interest rate.
Step 2.
You have to determine about how much has been paid, the current principal balance and your desired pay off time. You can collect this information from your latest account statement. By subtracting your paid amount to primary principal amount, you can also calculate your principal balance.
Step 3.
You have to adjust for prepayment penalties, late payments and fees if applicable. If you have penalties attached for early payoffs of loan, you will need to calculate the amount based on your original loan agreement. Also, if you have any exceptional fees, make essential adjustments.
Step 4.
This time, you have to calculate your payoff amount. To do this job, apply this method: prepayment penalty (if any) + applicable fees to the principal balance on the date you desired to pay off the loan=payoff amount.
Step 5.
Follow the above steps and obtain particulars from your bank. For any kind help call your lender's customer service department and get the payoff amount for a specific date. Sometime you get this information via online. However, you most likely will only be able to get a payoff amount at the time you check and not for a future date.
How to use student loan payoff calculator
By: Nick Batt
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