Payments, Loan Cost and Prepayment Saving
Below are the details of a sample student loan if you borrowed $91,504.00 to attend West Virginia University Institute of Technology. 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.
| Example Payments | |
|---|---|
| Monthly Loan Payment | $970.09 |
| Amount Borrowed | $91,504.00 |
| Interest Rate | 4.99% |
| Term | years |
| Number of Monthly Payments | 120 |
| Total Interest Cost | $24,907.36 |
| Sum of All Payments over 10 years |
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 $116,411.36 to afford the $970.09 monthly payment in the loan modeled above.
Modify the loan assumptions to fit your financial situation and likely tuition price. Then calculate your payoff and loan payments for a West Virginia University Institute of Technology student loan.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $970.09 | $589.59 | $380.50 | $90,914.41 |
| 2 | $970.09 | $592.04 | $378.05 | $90,322.37 |
| 3 | $970.09 | $594.50 | $375.59 | $89,727.86 |
| 4 | $970.09 | $596.98 | $373.12 | $89,130.89 |
| 5 | $970.09 | $599.46 | $370.64 | $88,531.43 |
| 6 | $970.09 | $601.95 | $368.14 | $87,929.48 |
| 7 | $970.09 | $604.45 | $365.64 | $87,325.02 |
| 8 | $970.09 | $606.97 | $363.13 | $86,718.05 |
| 9 | $970.09 | $609.49 | $360.60 | $86,108.56 |
| 10 | $970.09 | $612.03 | $358.07 | $85,496.53 |
| 11 | $970.09 | $614.57 | $355.52 | $84,881.96 |
| 12 | $970.09 | $617.13 | $352.97 | $84,264.84 |
| 13 | $970.09 | $619.69 | $350.40 | $83,645.14 |
| 14 | $970.09 | $622.27 | $347.82 | $83,022.87 |
| 15 | $970.09 | $624.86 | $345.24 | $82,398.01 |
| 16 | $970.09 | $627.46 | $342.64 | $81,770.56 |
| 17 | $970.09 | $630.07 | $340.03 | $81,140.49 |
| 18 | $970.09 | $632.69 | $337.41 | $80,507.81 |
| 19 | $970.09 | $635.32 | $334.78 | $79,872.49 |
| 20 | $970.09 | $637.96 | $332.14 | $79,234.53 |
| 21 | $970.09 | $640.61 | $329.48 | $78,593.92 |
| 22 | $970.09 | $643.27 | $326.82 | $77,950.65 |
| 23 | $970.09 | $645.95 | $324.14 | $77,304.70 |
| 24 | $970.09 | $648.64 | $321.46 | $76,656.06 |
| 25 | $970.09 | $651.33 | $318.76 | $76,004.73 |
| 26 | $970.09 | $654.04 | $316.05 | $75,350.69 |
| 27 | $970.09 | $656.76 | $313.33 | $74,693.92 |
| 28 | $970.09 | $659.49 | $310.60 | $74,034.43 |
| 29 | $970.09 | $662.23 | $307.86 | $73,372.20 |
| 30 | $970.09 | $664.99 | $305.11 | $72,707.21 |
| 31 | $970.09 | $667.75 | $302.34 | $72,039.45 |
| 32 | $970.09 | $670.53 | $299.56 | $71,368.92 |
| 33 | $970.09 | $673.32 | $296.78 | $70,695.61 |
| 34 | $970.09 | $676.12 | $293.98 | $70,019.49 |
| 35 | $970.09 | $678.93 | $291.16 | $69,340.56 |
| 36 | $970.09 | $681.75 | $288.34 | $68,658.80 |
| 37 | $970.09 | $684.59 | $285.51 | $67,974.21 |
| 38 | $970.09 | $687.44 | $282.66 | $67,286.78 |
| 39 | $970.09 | $690.29 | $279.80 | $66,596.48 |
| 40 | $970.09 | $693.16 | $276.93 | $65,903.32 |
| 41 | $970.09 | $696.05 | $274.05 | $65,207.27 |
| 42 | $970.09 | $698.94 | $271.15 | $64,508.33 |
| 43 | $970.09 | $701.85 | $268.25 | $63,806.49 |
| 44 | $970.09 | $704.77 | $265.33 | $63,101.72 |
| 45 | $970.09 | $707.70 | $262.40 | $62,394.02 |
| 46 | $970.09 | $710.64 | $259.46 | $61,683.38 |
| 47 | $970.09 | $713.59 | $256.50 | $60,969.79 |
| 48 | $970.09 | $716.56 | $253.53 | $60,253.23 |
| 49 | $970.09 | $719.54 | $250.55 | $59,533.68 |
| 50 | $970.09 | $722.53 | $247.56 | $58,811.15 |
| 51 | $970.09 | $725.54 | $244.56 | $58,085.61 |
| 52 | $970.09 | $728.56 | $241.54 | $57,357.06 |
| 53 | $970.09 | $731.58 | $238.51 | $56,625.47 |
| 54 | $970.09 | $734.63 | $235.47 | $55,890.85 |
| 55 | $970.09 | $737.68 | $232.41 | $55,153.16 |
| 56 | $970.09 | $740.75 | $229.35 | $54,412.41 |
| 57 | $970.09 | $743.83 | $226.26 | $53,668.58 |
| 58 | $970.09 | $746.92 | $223.17 | $52,921.66 |
| 59 | $970.09 | $750.03 | $220.07 | $52,171.63 |
| 60 | $970.09 | $753.15 | $216.95 | $51,418.48 |
| 61 | $970.09 | $756.28 | $213.82 | $50,662.21 |
| 62 | $970.09 | $759.42 | $210.67 | $49,902.78 |
| 63 | $970.09 | $762.58 | $207.51 | $49,140.20 |
| 64 | $970.09 | $765.75 | $204.34 | $48,374.45 |
| 65 | $970.09 | $768.94 | $201.16 | $47,605.51 |
| 66 | $970.09 | $772.14 | $197.96 | $46,833.37 |
| 67 | $970.09 | $775.35 | $194.75 | $46,058.03 |
| 68 | $970.09 | $778.57 | $191.52 | $45,279.46 |
| 69 | $970.09 | $781.81 | $188.29 | $44,497.65 |
| 70 | $970.09 | $785.06 | $185.04 | $43,712.59 |
| 71 | $970.09 | $788.32 | $181.77 | $42,924.27 |
| 72 | $970.09 | $791.60 | $178.49 | $42,132.67 |
| 73 | $970.09 | $794.89 | $175.20 | $41,337.77 |
| 74 | $970.09 | $798.20 | $171.90 | $40,539.57 |
| 75 | $970.09 | $801.52 | $168.58 | $39,738.06 |
| 76 | $970.09 | $804.85 | $165.24 | $38,933.21 |
| 77 | $970.09 | $808.20 | $161.90 | $38,125.01 |
| 78 | $970.09 | $811.56 | $158.54 | $37,313.45 |
| 79 | $970.09 | $814.93 | $155.16 | $36,498.52 |
| 80 | $970.09 | $818.32 | $151.77 | $35,680.20 |
| 81 | $970.09 | $821.72 | $148.37 | $34,858.47 |
| 82 | $970.09 | $825.14 | $144.95 | $34,033.33 |
| 83 | $970.09 | $828.57 | $141.52 | $33,204.76 |
| 84 | $970.09 | $832.02 | $138.08 | $32,372.74 |
| 85 | $970.09 | $835.48 | $134.62 | $31,537.26 |
| 86 | $970.09 | $838.95 | $131.14 | $30,698.31 |
| 87 | $970.09 | $842.44 | $127.65 | $29,855.87 |
| 88 | $970.09 | $845.94 | $124.15 | $29,009.92 |
| 89 | $970.09 | $849.46 | $120.63 | $28,160.46 |
| 90 | $970.09 | $852.99 | $117.10 | $27,307.47 |
| 91 | $970.09 | $856.54 | $113.55 | $26,450.93 |
| 92 | $970.09 | $860.10 | $109.99 | $25,590.82 |
| 93 | $970.09 | $863.68 | $106.42 | $24,727.14 |
| 94 | $970.09 | $867.27 | $102.82 | $23,859.87 |
| 95 | $970.09 | $870.88 | $99.22 | $22,989.00 |
| 96 | $970.09 | $874.50 | $95.60 | $22,114.50 |
| 97 | $970.09 | $878.14 | $91.96 | $21,236.36 |
| 98 | $970.09 | $881.79 | $88.31 | $20,354.58 |
| 99 | $970.09 | $885.45 | $84.64 | $19,469.12 |
| 100 | $970.09 | $889.14 | $80.96 | $18,579.99 |
| 101 | $970.09 | $892.83 | $77.26 | $17,687.15 |
| 102 | $970.09 | $896.55 | $73.55 | $16,790.61 |
| 103 | $970.09 | $900.27 | $69.82 | $15,890.33 |
| 104 | $970.09 | $904.02 | $66.08 | $14,986.32 |
| 105 | $970.09 | $907.78 | $62.32 | $14,078.54 |
| 106 | $970.09 | $911.55 | $58.54 | $13,166.99 |
| 107 | $970.09 | $915.34 | $54.75 | $12,251.65 |
| 108 | $970.09 | $919.15 | $50.95 | $11,332.50 |
| 109 | $970.09 | $922.97 | $47.12 | $10,409.53 |
| 110 | $970.09 | $926.81 | $43.29 | $9,482.72 |
| 111 | $970.09 | $930.66 | $39.43 | $8,552.06 |
| 112 | $970.09 | $934.53 | $35.56 | $7,617.52 |
| 113 | $970.09 | $938.42 | $31.68 | $6,679.11 |
| 114 | $970.09 | $942.32 | $27.77 | $5,736.79 |
| 115 | $970.09 | $946.24 | $23.86 | $4,790.55 |
| 116 | $970.09 | $950.17 | $19.92 | $3,840.37 |
| 117 | $970.09 | $954.13 | $15.97 | $2,886.25 |
| 118 | $970.09 | $958.09 | $12.00 | $1,928.15 |
| 119 | $970.09 | $962.08 | $8.02 | $966.08 |
| 120 | $970.09 | $966.08 | $4.02 | $0.00 |