Question for all you math whizzes!

iVillage Member
Registered: 12-20-2003
Question for all you math whizzes!
2
Tue, 02-01-2005 - 10:18am


I am down to one debt ~ my school loans! They just came out of a three-year deferment in January! yikes!

My loans are consolidated, so I only have to mail in one payment each month. What I am wondering is, what is the timeline for paying them off? I am on a 20-year plan paying $166/month, but I would LIKE to pay them off in less than 20 years! So here are the numbers.

Current Principal Balance: $25,401.09
Current Interest Rate: 4.620%

So, if I pay $166/month, that is 20 years. So how long would it take with $200/month? Or, ideally $300/month?

I know some of you like figuring this stuff out, so help a girl out!

Thanks so much!!!
~Kiya


Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Tue, 02-01-2005 - 10:23am

I ran the numbers through the calculator found here: http://www.finaid.org/calculators/scripts/loanpayments.cgi


$166/mo for 20 years means you will pay a total of: $38,424,32


This means that you will pay: $13,023.43 in interest


This will take 19.3 years.


If you increase your payments to $200/month, you will pay a total of: $ 34,941.40


This means you will pay: $9,540.31 in interest


This repayment plan will take 14.6 years.

All my best,
Danni

iVillage Member
Registered: 12-20-2003
Tue, 02-01-2005 - 3:52pm

Thank you for the response, and for the link! That tool will come in handy!

Thanks!
~ Kiya