Student Loan Payoff Calculator
See how extra monthly payments shorten your student loan payoff and how much interest they save.
- 100% free
- Private in browser
- No signup
- No watermarks
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About Student Loan Payoff Calculator
Find out when your student loans will be paid off and what extra payments are worth. Enter your balance, interest rate, current monthly payment and an extra amount to compare payoff time and total interest with and without the extra payment.
How to use Student Loan Payoff Calculator
- Enter your total student loan balance and interest rate.
- Enter your current monthly payment.
- Add an extra monthly amount to see time and interest saved.
Key features
- Month-by-month amortization
- Payoff time with and without extra payments
- Interest saved
- Warns when a payment does not cover interest
- Runs in your browser
Frequently asked questions
- How do extra payments save interest?
- Interest is charged on the remaining balance. Extra payments reduce principal sooner, so every later month accrues less interest.
- I have several loans with different rates — what should I enter?
- Enter the combined balance and a balance-weighted average rate for an estimate, or run each loan separately. Putting extra money on the highest-rate loan saves the most.
- Will my servicer apply extra payments to principal?
- Federal servicers may first apply extra payments to future installments. Ask them to apply extra amounts to principal on your highest-rate loan.
- Does this include income-driven repayment or forgiveness?
- No. It models a fixed payment on a fixed-rate loan.
- Is my data private?
- Yes. Everything is calculated in your browser.
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