Calculating the effect of extra payments...

[msjd123]

We are on a payment schedule for DH's student loan that has us paying the loan off in 2014. That seems like eons away, though, and I think we could swing paying an extra $100 a month, IF (and that's a big IF) I know that it will make a sizeable difference. Meaning, I don't want to scrimp and save just so we can pay it off a measly 6 months early, KWIM? So, does anyone know of a good calculator that would help me figure out how extra payments would impact the payoff date? Thanks!!

[mossimo12]

Put your numbers in here and see what it says!

http://www.bankrate.com/brm/popcalc2...tization+Table

Sarah

[ookami]

I'm a huge fan of this Debt Snowball calculator. I play with it all the time for my student loans...

http://www.whatsthecost.com/snowball.aspx?country=us

[Dar]

I'm pretty sure there are calculators on the government loan site - www.dl.ed.gov.

dar

[msjd123]

Perfect! Thanks! Looks like an extra $100 a month could shave 4 years off. That's quite something! Now I just need to see what August's paycheck looks like. Ours checks have been kind of wacky lately due to screw-ups at work (theirs, not ours) but August should be the first normal check, so that'll give me a good sense of how $100/month will affect us.