Why extra principal works
Interest accrues on the remaining balance. Paying principal down faster reduces future interest charges.
Tactics
- Autopay to get potential lender discounts.
- Apply windfalls (tax refunds, bonuses) to principal.
Use the calculator
Add an extra monthly amount and see how many months you shave off.
FAQ
- Do extra payments help?
- Yes—apply to principal and they save the most interest early on.
- What about income‑based repayment?
- It can lower payments temporarily; check eligibility and potential forgiveness rules.
Related calculators
Time to pay off and total paid with extra monthly payments.
How long to pay off a balance with a given APR and monthly payment.