Income-Based Repayment (IBR) Calculator

OriginalIBRSavings
First month's payment$383$86$297
Last month's payment$383$320$63
Total balance paid$45,960$55,272$9,312
Total forgiveness$0$29,204$29,204
Repayment term~10yr~25yr~15yr
Your monthly payment on IBR would be $86, a difference of $297 from what you are currently paying. If your income increases over time, your payments may increase. Assuming annual income growth of 3.5%, your final monthly payment would be $320. After making payments for ~25 years, you will have paid a total of $55,272 and would receive $29,204 in forgiveness, compared to your current plan where you will pay $45,960 over the next ~10 years.

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Total balance paid

Total forgiveness

CURRENT

$45,960

IBR

$55,272

$0
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