Online Calculators For Loans?

[fuzzywuz]

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Hey all,

I'm trying to get a sense of what repayment would be like and the amount of interest that I will be owing.

So far, I've found one such calculator from the gov.

http://www.ed.gov/offices/OSFAP/DirectLoan/calc.html

It is good for Stafford and PLUS loans.

However, I want one that is a bit more specific (subsidized vs. unsubsidized).

Anyone have ideas or links to such a calculator?

Thanks!

 

[nontrdgsbuiucmd]

Hey all,

I'm trying to get a sense of what repayment would be like and the amount of interest that I will be owing.

So far, I've found one such calculator from the gov.

http://www.ed.gov/offices/OSFAP/DirectLoan/calc.html

It is good for Stafford and PLUS loans.

However, I want one that is a bit more specific (subsidized vs. unsubsidized).

Anyone have ideas or links to such a calculator?

Thanks!

I'd suggest you do it yourself in excel, as any online calculator will build in a lot of assumptions such as future interest rates, + you may want to make your own assumptions on how much you'd borrow, how much school tuition will increase, etc. The tough thing about these calculations is that congress can change the interest rate or change available programs at any time, so you're kind of taking a stab in the dark with this.

go to "excel". I'd suggest entering the amount of principal + interest when repayment starts in one cell, enter the interest rate i.e. .068 in one cell, number of months that you' want to spread payments over, then "insert function", "view all", "pmt". Use the negative of the principal amount, take interest rate divided by 12 to show monthly payments and you should be good. This can be used to calculate car pmts. mortage pmts, etc.

 

[DrBender79]

go to "excel". I'd suggest entering the amount of principal + interest when repayment starts in one cell, enter the interest rate i.e. .068 in one cell, number of months that you' want to spread payments over, then "insert function", "view all", "pmt". Use the negative of the principal amount, take interest rate divided by 12 to show monthly payments and you should be good. This can be used to calculate car pmts. mortage pmts, etc.

Thanks for the tip. I tried calculating what my loan payments will be after I graduate, saw the result, and now I have a brick in my pants
But seriously, yikes. I put in 300 months for the repayment period at 6%/12 months. At graduation my principal + interest is going to be $302,000. Even with the 25 year repayment schedule, it came out to be about $1,800 per month. That's about half of what my pre-tax salary will be as a resident 😱 I don't know how the heck I'm supposed to make those payments?!