Prepaying part of your account

  • Does not change your required monthly payment amount
  • Reduces the term of your account. This may negatively affect your ‘Length of Credit History’ which impacts 15% of your FICO® Score
  • Decreases your monthly interest expense
  • Accelerates your savings progress

Prepaying an account simply means that you make additional payments to shorten the life of the loan. You may prepay all or a portion of your account by paying more than your regular monthly payment amount or making additional principal payments.

Subscribe 2500
$30 Extra Payment Every Month

Monthly PaymentMonthly Savings ProgressMonthly Interest ExpenseCumulative Savings ProgressAvg. % of Payment Applied to Savings Progress
Month 1$60.00$43.86$16.14$4473%
Month 2$60.00$44.14$15.86$8874%
Month 3$60.00$44.43$15.57$13274%
Month 4$60.00$44.71$15.29$17775%
Month 5$60.00$45.00$15.00$22275%
Month 6$60.00$45.29$14.71$26775%
Month 7$60.00$45.59$14.41$31376%
Month 8$60.00$45.88$14.12$35976%
Month 9$60.00$46.18$13.82$40577%
Month 10$60.00$46.47$13.53$45277%
Month 11$60.00$46.77$13.23$49878%
Month 12$60.00$47.08$12.92$54578%
Month 13$60.00$47.38$12.62$59379%
Month 14$60.00$47.69$12.31$64079%
Month 15$60.00$47.99$12.01$68880%
Month 16$60.00$48.30$11.70$73781%
Month 17$60.00$48.62$11.38$78581%
Month 18$60.00$48.93$11.07$83482%
Month 19$60.00$49.25$10.75$88482%
Month 20$60.00$49.56$10.44$93383%
Month 21$60.00$49.88$10.12$98383%
Month 22$60.00$50.21$9.79$1,03384%
Month 23$60.00$50.53$9.47$1,08484%
Month 24$60.00$50.86$9.14$1,13585%
Month 25$60.00$51.18$8.82$1,18685%
Month 26$60.00$51.51$8.49$1,23786%
Month 27$60.00$51.85$8.15$1,28986%
Month 28$60.00$52.18$7.82$1,34187%
Month 29$60.00$52.52$7.48$1,39488%
Month 30$60.00$52.86$7.14$1,44788%
Month 31$60.00$53.20$6.80$1,50089%
Month 32$60.00$53.54$6.46$1,55389%
Month 33$60.00$53.89$6.11$1,60790%
Month 34$60.00$54.24$5.76$1,66290%
Month 35$60.00$54.59$5.41$1,71691%
Month 36$60.00$54.94$5.06$1,77192%
Month 37$60.00$55.29$4.71$1,82692%
Month 38$60.00$55.65$4.35$1,88293%
Month 39$60.00$56.01$3.99$1,93893%
Month 40$60.00$56.37$3.63$1,99494%
Month 41$60.00$56.74$3.26$2,05195%
Month 42$60.00$57.10$2.90$2,10895%
Month 43$60.00$57.47$2.53$2,16696%
Month 44$60.00$57.84$2.16$2,22496%
Month 45$60.00$58.22$1.78$2,28297%
Month 46$60.00$58.59$1.41$2,34098%
Month 47$60.00$58.97$1.03$2,39998%
Month 48$60.00$59.35$0.65$2,45999%
Month 49$41.32$41.05$0.27$2,50099%

Note: All amounts above are estimates based on on-time loan payments, actual amounts may vary depending on timing, amount, and number of payments.