In order to calculate the monthly payment for your loan from a loan repayment formula you need to know how much money was borrowed the interest rate on the loan and how many monthly payments will be made on the loan to pay it off. Interest on federal student loans and many private student loans is calculated.
A Simple Explanation Of How Student Loan Interest Is Calculated
The pv or present value portion of the loan payment formula uses the original loan amount.
Student loan equation. If youre refinancing existing debt you may want a tool to compare your options based on how far youve already come with repayment. If youre starting to shop around for student loans you may want a general picture of how much youre going to pay. A student loan is a type of loan designed to help students pay for post secondary education and the associated fees such as tuition books and supplies and living expensesit may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school.
Just as compound interest on savings and investments can make you rich knowing how the compound interest formula works with loans can save you thousands of dollars. Calculators help with apples to apples comparisons. Over the term of the loan more of each monthly payment will go toward paying down the principal.
In the formula because you are determining your monthly payment the length of the loan must be broken down to months. Also learn more about student loans and a number of alternatives experiment with other loan related calculators or explore many more calculators addressing topics such as finance math fitness and health. The power of interest is one of the most important forces in your finances and shouldnt be taken lightly.
For example if you have a 200000 30 year loan that means you intend to repay the loan over a 30 year span. For example some amortization calculators show you lifetime interest which you can use to compare interest costs from loan to loan. For a 30 year loan the number of months is 360.
The original loan amount is essentially the present value of the future payments on the loan much like the present value of an annuity. A loan by definition is an annuity in that it consists of a series of future periodic payments. Figuring out which offer to choose means youll need to calculate the total cost of the loan including interest and fees.
The amount the interest rate the number of periodic payments the loan term and a payment amount per period. Student loan hero advertiser disclosure. Learning how to calculate student loan interest helps in understanding what youre really paying for college debt.
You can use the pmt function to get the payment when you have the other 3 components. Loans have four primary components. Either way check out these simple excel formulas to compare different student loan options.
Free calculator to evaluate student loans by estimating the interest cost helping to understand the balance and evaluating pay off options. How this formula works.
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How To Calculate Student Loan Interest
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