Advertisement
|
This Loan Comparison Calculator computes an estimate of the size of your monthly loan payments for three loans at the same time. You can also use it to compare the total payments and total interest paid for different interest rates, loan terms and monthly payments.
This calculator assumes that the interest rate remains constant
throughout the life of the loan. Many educational loan programs,
including the Stafford and PLUS loans, have variable
interest rates. We suggest you use the current maximum rates (8.25%
for Stafford and 9% for PLUS) to get a ceiling on the interest
payments. (Perkins loans have a fixed interest rate of 5%.)
This calculator also assumes that the loan will be repaid in equal
monthly installments. The results will not be accurate for some of the
alternate repayment plans, such as graduated repayment and income
contingent repayment.
Some educational loans have a minimum monthly payment. Please enter
the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans
and $50 for PLUS Loans) in the minimum payment field. Enter a higher
figure to see how much money you can save by paying off your debt faster.