2021 NerdWallet Best-of Awards Winner for Best Student Loan Refinancing Overall
2021 NerdWallet Best-Of Awards Winner

Lump Sum Extra Payment Calculator

Looking to make a large one-time extra payment toward your student loans? See how much money you’ll save on interest and the time you’ll save on repayment.

Enter Your Loan Information

Loan Balance
Your remaining student loan debt to be repaid.
Interest Rate
The amount that the lender charges in interest, expressed as a percentage.
Current Monthly Payment
The total amount of your monthly student loan bill.
Additional Lump Sum Payment
This is the extra one-time lump sum payment you would like to put toward your loan to pay down the principal.
Add Multiple Loans

Add Multiple Loans

Insert additional loan

Results

Current Payment W/ Extra Payment Savings
Term
Payoff Date
Total Interest

Looking for other ways to pay off student loans fast? Check your prequalified refinance rates and terms to see how much you can save.

Our Picks for the Best Student Loan Refinancing Companies

Fixed Rate

3.39% – 6.99% APR

Term

5, 7, 10, 15, or 20 years

Minimum Credit Score

680

Variable Rate

1.86% – 6.01% APR

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

3.39% – 6.99% APR

Term (years)

5, 7, 10, 15, or 20

Minimum Credit Score

680

Variable Rate

1.86% – 6.01% APR

Eligible Loans

Federal & Private

Purefy Rating

No maximum loan amount

Up to 12 months of forbearance if you experience financial hardship

Borrowers can refinance Parent PLUS loans in their own name

Fixed Rate

3.49% – 7.99% APR

Term

5, 7, 10, 15, 20 years

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

3.49% – 7.99% APR

Term (years)

5, 7, 10, 15, 20 years

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR

Eligible Loans

Federal & Private

Purefy Rating

Free career planning, job search, and entrepreneurship support
Forbearance options for financial hardship, natural disasters, and military service
98% of surveyed customers would recommend SoFi to a friend

Fixed Rate

3.94% – 8.48% APR

Term

5, 7, 10, 15, or 20 years

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

3.94% – 8.48% APR

Term (years)

5, 7, 10, 15, or 20

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Loans available in all states except Maine and Oregon

Loan forgiveness if the borrower dies or becomes totally and permanently disabled
Options to postpone payments due to qualifying financial hardships

Fixed Rate

2.99% – 7.99% APR

Term

5 -20 years

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

2.99% – 7.99% APR

Term (years)

5-20

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR

Eligible Loans

Federal & Private

Purefy Rating

Lightning-fast loan processing
Up to 12 months financial hardship deferment
Doesn’t offer cosigned loans

FAQs – Lump Sum Extra Payment Calculator

Yes, of course you can! Paying off school loans early is a strategy thousands of student loan borrowers take advantage of. You can do so by making additional payments, increasing your monthly payments, or refinancing to a shorter term. All of these strategies are effective and typically there aren’t any prepayment penalties to worry about.

By having a plan in place to pay your loans sooner than expected, you can save money on accrued interest costs, get rid of student debt once and for all, and move on to bigger and better financial goals.

Common tips for paying off student loans early include making consistent larger monthly payment than you actually owe, using cash windfalls like work bonuses, tax returns, and gifts to put toward your student loan balance, putting any spare money left at the end of each month to your student debt, or refinancing to a shorter term length.

When refinancing your student loans, you can also choose a quicker repayment term than the Standard Repayment Plan of 10 years. By choosing a shorter term, you can pay off your loans sooner and get rid of them for good — while maximizing your savings on costly interest.

No, there are zero fees with a student loan refinance through Purefy. Our lenders never charge origination fees, application fees, or prepayment penalties, and we don’t think you should face any additional charges for trying to save money.