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Student Loan Payoff Calculator

Calculate monthly student loan payments and see how extra payments can shorten your payoff time.

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Inputs

$
%
Years
$

Your values stay on this device.

Results

Standard Payment
New Payoff Time10 Years
Interest Saved$0.00
Total Interest (Standard)$9,606.77

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Assumptions

  • Calculated locally from the inputs shown in this report.

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Loan Balance -10%: Standard Payment $297.05

Loan Balance Current: Standard Payment $330.06

Loan Balance +10%: Standard Payment $363.06

Formula: Standard: P*r*(1+r)^n / ((1+r)^n - 1). Accelerated: Iterative principal reduction.

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About this Student Loan Calculator

Student loan debt can feel overwhelming, but small extra payments make a massive difference. Use this tool to calculate your standard monthly payment and simulate an accelerated payoff strategy.

How to use this calculator

  1. Enter your total Loan Balance (combine all loans if necessary).
  2. Input the weighted average Interest Rate (APR).
  3. Set the remaining Loan Term in years (standard is usually 10).
  4. Use the Extra Monthly Payment field to see how much time and money you could save.

Accuracy and testing

Review formula sources, default test cases, assumptions, unit handling, rounding rules, and changelog for this calculator.

View accuracy page

Key Features

  • Standard Amortization Schedule
  • Extra Payment Simulation
  • Interest Savings Calculator
  • Time Saved Estimator

Things to Keep in Mind

This calculator assumes a fixed interest rate. It does not account for income-driven repayment (IDR) adjustments, forgiveness programs (PSLF), or variable rate fluctuations.

Frequently Asked Questions

How do extra payments affect my student loans?
100% of any extra payment goes directly toward reducing your principal balance (after current interest is covered). This lowers the amount of interest charged in future months, shortening your loan term and saving you money.
Should I refinance my student loans?
Refinancing can lower your interest rate, but be careful. If you refinance federal loans into a private loan, you lose federal protections like income-driven repayment plans and loan forgiveness options.
What is the standard repayment term?
The standard repayment plan for federal student loans is 10 years (120 months). However, consolidation loans or extended repayment plans can stretch this to 20, 25, or even 30 years.
Does this work for both Federal and Private loans?
Yes, the math for the standard repayment plan is the same for both. However, this calculator does not simulate income-driven repayment (IDR) plans which are unique to federal loans.
Which loans should I pay off first?
Mathematically, the 'Avalanche Method' (paying off the loan with the highest interest rate first) saves the most money. The 'Snowball Method' (paying off the smallest balance first) provides psychological wins.