After submitting all the required information, our student loan calculator will crunch the numbers to give you a detailed snapshot of your future financial obligations. Here’s a breakdown of what these numbers mean:
Monthly payment: This is the amount you'll need to pay each month to fulfill your loan obligations within the chosen term.
Total repayment amount: This figure represents the sum total of what you'll pay back over the life of the loan, including both the principal and interest. It's a wake-up call to the long-term impact of your loan, helping you grasp the full financial commitment you're making.
Interest paid: This number shows how much you'll pay in interest alone when you've repaid the loan. Think of it as a measure of the “extra” you're paying for the privilege of borrowing, which you can use to opt for a shorter loan term to save money.
Principal paid: This is the original loan amount you'll have paid off at the end of the loan term.
Amortization schedule: This detailed breakdown shows how each payment is divided between principal and interest over time. It's a timeline that shows how your balance decreases and how much of your payments go toward actually reducing your debt versus paying off interest.