Student Loan Payoff Calculator

Calculate Your Student Loan Payoff

Enter your loan details to find out exactly when you'll be debt-free, how much interest you'll pay, and how much an extra monthly payment could save you. This calculator works for federal and private student loans.

How the Student Loan Payoff Calculator Works

Your loan is amortized month by month. Each month, interest is charged on your remaining balance at your annual rate divided by 12. Your payment first covers that interest, and whatever is left reduces the principal. As the principal shrinks, less of each payment goes to interest and more goes to principal, which is why paying extra early in the loan has an outsized effect.

How Much Do Extra Payments Save?

Every extra dollar goes straight to principal, lowering the balance that future interest is calculated on. The result compounds. On a typical $37,850 federal balance at 6.53%, an extra $100 per month can cut your payoff time by roughly 3 years and save several thousand dollars in interest. The calculator above shows your exact numbers.

Important: when you send extra money, instruct your loan servicer in writing to apply it to principal and not toward future scheduled payments. Otherwise the servicer may simply advance your due date without reducing interest.

Avalanche vs. Snowball: Which Payoff Method Is Best?

If you have multiple loans, two strategies dominate:

• Avalanche method: Pay minimums on everything, then put all extra money toward the loan with the highest interest rate. This saves the most money mathematically.
• Snowball method: Pay minimums, then attack the smallest balance first for quick wins and motivation. It costs slightly more in interest but has a strong behavioral payoff.

Should You Pay Off Student Loans Early?

Paying early makes the most sense for private loans and federal borrowers not pursuing forgiveness. If you are working toward PSLF or income-driven forgiveness, extra payments reduce the balance that would eventually be forgiven, so they may be counterproductive. Compare your options with our repayment plan comparison before accelerating payments.

If your interest rate is high, refinancing to a lower rate can be even more powerful than extra payments — but note that refinancing federal loans into a private loan permanently forfeits federal protections like income-driven repayment and forgiveness.