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Standard Loan Repayment Costs

Below are the details of a sample student loan if you borrowed $96,952.00 to attend University of Maine. With a standard repayment plan you will pay a fixed amount each month until your loan is paid in full.

A full amortization table and payoff chart is available below.

University of Maine Student Loan Payments
Example Payments
Monthly Loan Payment$1,002.46
Amount Borrowed$96,952.00
Interest Rate4.5%
Term years
Number of Monthly Payments120
Total Interest Cost$23,343.20
Sum of All Payments over 10 years

Loan Affordability

To keep student loan repayment affordable, it is recommended not to borrow more than you can pay back using 10% of your monthly income. Under these parameters you would need a post graduation salary of $120,295.20 to afford the $1,002.46 monthly payment in the loan modeled above.

Re-calculate the Loan

Estimate Loan Payments

Modify the loan assumptions to fit your financial situation and likely tuition price. Then calculate your payoff and loan payments for a University of Maine student loan.

Prepayment Option

Loan Balances Over Time

Student Loan Amortization Table

Month Payment Principal Interest Balance
1 $1,002.46 $642.93 $359.53 $96,309.07
2 $1,002.46 $645.31 $357.15 $95,663.76
3 $1,002.46 $647.71 $354.75 $95,016.05
4 $1,002.46 $650.11 $352.35 $94,365.94
5 $1,002.46 $652.52 $349.94 $93,713.42
6 $1,002.46 $654.94 $347.52 $93,058.48
7 $1,002.46 $657.37 $345.09 $92,401.11
8 $1,002.46 $659.81 $342.65 $91,741.31
9 $1,002.46 $662.25 $340.21 $91,079.06
10 $1,002.46 $664.71 $337.75 $90,414.35
11 $1,002.46 $667.17 $335.29 $89,747.17
12 $1,002.46 $669.65 $332.81 $89,077.53
13 $1,002.46 $672.13 $330.33 $88,405.39
14 $1,002.46 $674.62 $327.84 $87,730.77
15 $1,002.46 $677.13 $325.33 $87,053.65
16 $1,002.46 $679.64 $322.82 $86,374.01
17 $1,002.46 $682.16 $320.30 $85,691.85
18 $1,002.46 $684.69 $317.77 $85,007.17
19 $1,002.46 $687.23 $315.23 $84,319.94
20 $1,002.46 $689.77 $312.69 $83,630.17
21 $1,002.46 $692.33 $310.13 $82,937.84
22 $1,002.46 $694.90 $307.56 $82,242.94
23 $1,002.46 $697.48 $304.98 $81,545.46
24 $1,002.46 $700.06 $302.40 $80,845.40
25 $1,002.46 $702.66 $299.80 $80,142.74
26 $1,002.46 $705.26 $297.20 $79,437.48
27 $1,002.46 $707.88 $294.58 $78,729.60
28 $1,002.46 $710.50 $291.96 $78,019.10
29 $1,002.46 $713.14 $289.32 $77,305.96
30 $1,002.46 $715.78 $286.68 $76,590.17
31 $1,002.46 $718.44 $284.02 $75,871.73
32 $1,002.46 $721.10 $281.36 $75,150.63
33 $1,002.46 $723.78 $278.68 $74,426.86
34 $1,002.46 $726.46 $276.00 $73,700.40
35 $1,002.46 $729.15 $273.31 $72,971.24
36 $1,002.46 $731.86 $270.60 $72,239.38
37 $1,002.46 $734.57 $267.89 $71,504.81
38 $1,002.46 $737.30 $265.16 $70,767.51
39 $1,002.46 $740.03 $262.43 $70,027.48
40 $1,002.46 $742.77 $259.69 $69,284.71
41 $1,002.46 $745.53 $256.93 $68,539.18
42 $1,002.46 $748.29 $254.17 $67,790.89
43 $1,002.46 $751.07 $251.39 $67,039.82
44 $1,002.46 $753.85 $248.61 $66,285.96
45 $1,002.46 $756.65 $245.81 $65,529.31
46 $1,002.46 $759.46 $243.00 $64,769.86
47 $1,002.46 $762.27 $240.19 $64,007.59
48 $1,002.46 $765.10 $237.36 $63,242.49
49 $1,002.46 $767.94 $234.52 $62,474.55
50 $1,002.46 $770.78 $231.68 $61,703.77
51 $1,002.46 $773.64 $228.82 $60,930.13
52 $1,002.46 $776.51 $225.95 $60,153.62
53 $1,002.46 $779.39 $223.07 $59,374.23
54 $1,002.46 $782.28 $220.18 $58,591.94
55 $1,002.46 $785.18 $217.28 $57,806.76
56 $1,002.46 $788.09 $214.37 $57,018.67
57 $1,002.46 $791.02 $211.44 $56,227.65
58 $1,002.46 $793.95 $208.51 $55,433.71
59 $1,002.46 $796.89 $205.57 $54,636.81
60 $1,002.46 $799.85 $202.61 $53,836.96
61 $1,002.46 $802.81 $199.65 $53,034.15
62 $1,002.46 $805.79 $196.67 $52,228.36
63 $1,002.46 $808.78 $193.68 $51,419.58
64 $1,002.46 $811.78 $190.68 $50,607.80
65 $1,002.46 $814.79 $187.67 $49,793.01
66 $1,002.46 $817.81 $184.65 $48,975.20
67 $1,002.46 $820.84 $181.62 $48,154.35
68 $1,002.46 $823.89 $178.57 $47,330.47
69 $1,002.46 $826.94 $175.52 $46,503.52
70 $1,002.46 $830.01 $172.45 $45,673.51
71 $1,002.46 $833.09 $169.37 $44,840.43
72 $1,002.46 $836.18 $166.28 $44,004.25
73 $1,002.46 $839.28 $163.18 $43,164.97
74 $1,002.46 $842.39 $160.07 $42,322.58
75 $1,002.46 $845.51 $156.95 $41,477.07
76 $1,002.46 $848.65 $153.81 $40,628.42
77 $1,002.46 $851.80 $150.66 $39,776.62
78 $1,002.46 $854.96 $147.50 $38,921.67
79 $1,002.46 $858.13 $144.33 $38,063.54
80 $1,002.46 $861.31 $141.15 $37,202.24
81 $1,002.46 $864.50 $137.96 $36,337.73
82 $1,002.46 $867.71 $134.75 $35,470.03
83 $1,002.46 $870.93 $131.53 $34,599.10
84 $1,002.46 $874.15 $128.30 $33,724.95
85 $1,002.46 $877.40 $125.06 $32,847.55
86 $1,002.46 $880.65 $121.81 $31,966.90
87 $1,002.46 $883.92 $118.54 $31,082.98
88 $1,002.46 $887.19 $115.27 $30,195.79
89 $1,002.46 $890.48 $111.98 $29,305.30
90 $1,002.46 $893.79 $108.67 $28,411.52
91 $1,002.46 $897.10 $105.36 $27,514.42
92 $1,002.46 $900.43 $102.03 $26,613.99
93 $1,002.46 $903.77 $98.69 $25,710.22
94 $1,002.46 $907.12 $95.34 $24,803.11
95 $1,002.46 $910.48 $91.98 $23,892.62
96 $1,002.46 $913.86 $88.60 $22,978.77
97 $1,002.46 $917.25 $85.21 $22,061.52
98 $1,002.46 $920.65 $81.81 $21,140.87
99 $1,002.46 $924.06 $78.40 $20,216.81
100 $1,002.46 $927.49 $74.97 $19,289.32
101 $1,002.46 $930.93 $71.53 $18,358.39
102 $1,002.46 $934.38 $68.08 $17,424.01
103 $1,002.46 $937.85 $64.61 $16,486.16
104 $1,002.46 $941.32 $61.14 $15,544.84
105 $1,002.46 $944.81 $57.65 $14,600.03
106 $1,002.46 $948.32 $54.14 $13,651.71
107 $1,002.46 $951.83 $50.63 $12,699.87
108 $1,002.46 $955.36 $47.10 $11,744.51
109 $1,002.46 $958.91 $43.55 $10,785.60
110 $1,002.46 $962.46 $40.00 $9,823.14
111 $1,002.46 $966.03 $36.43 $8,857.10
112 $1,002.46 $969.61 $32.85 $7,887.49
113 $1,002.46 $973.21 $29.25 $6,914.28
114 $1,002.46 $976.82 $25.64 $5,937.46
115 $1,002.46 $980.44 $22.02 $4,957.02
116 $1,002.46 $984.08 $18.38 $3,972.94
117 $1,002.46 $987.73 $14.73 $2,985.21
118 $1,002.46 $991.39 $11.07 $1,993.82
119 $1,002.46 $995.07 $7.39 $998.76
120 $1,002.46 $998.76 $3.70 $0.00