Student Loan Consolidation Calculator
Calculate your potential savings with student loan consolidation. Compare interest rates, monthly payments, and total repayment amounts.
Step 1: Current Loan Details
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years
Understanding Loan Consolidation
Consolidating multiple student loans can simplify repayment by combining them into a single loan, potentially lowering your monthly payment or interest rate.
Step 2: Consolidation Details
%
years
About Loan Consolidation
Consolidation can extend your repayment term, which may lower monthly payments but increase total interest paid over the life of the loan.
Consolidation Comparison Results
Summary
Loan Comparison
Payment Breakdown
Potential Monthly Savings
-$85.50
New Monthly Payment: $284.50
Current Monthly Payment
$370.00
New Monthly Payment
$284.50
Total Interest Savings
$5,240.00
Recommended Action
Consolidate
Loan Consolidation Comparison
| Loan Type | Interest Rate | Monthly Payment | Total Interest | Total Repayment |
|---|
Payment Breakdown Over Time
Loan Payment Calculation Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12).
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