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Medical School Loan Calculator-Impact on Making Extra Debt Payments


Discovery Resource # C-04
Resource Topic: Wealth Management
Planning Tools: Calculator
Career Phase: Evaluate & Decide Learn Plan Practicing/Living
Description: Your ability to build wealth will be directly related to your ability to manage your debt. Our Medical School Loan Calculator will help you develop and monitor repayment strategies potentially saving thousands to tens of thousands in interest payments.
Description:
Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds of thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt.
Objectives:
  • Populate requisite information into the loan caluclator to explore various repayment strategies against their principal blanace to determine savings on interest payments throughout the life of the loan.
  • Monitor and modify your repayment strategies as they pay down their principles and/or increase residual income that could be applied against the remaining principal to realize further savings.
  • Compare and contrast outputs from this calcuator with the other financial calculators to formulate your financial plans and strategies.