Calculators
Student Loan Payoff Calculator
Calculate when student loans will be paid off, the interest paid and the time and interest saved by paying extra each month.
- Runs in your browser
- Nothing uploaded
The tool
Enter your numbers below. Results update as you type, and nothing leaves your browser.
Everything you enter stays on your own machine. Nothing is sent to us or to anyone else, which you can confirm in your browser network tab.
What people use it for
- Planning to pay off student debt
- Comparing extra payment amounts
- Deciding between investing and paying down loans
- Financial planning after graduation
About this tool
What the Student Loan Payoff Calculator does
Student loan payments are amortised: each payment covers interest first and the rest reduces the balance. Paying extra goes straight to principal, which shortens the loan and reduces total interest. This calculator compares your current payment with paying extra.
Formula
- Months = −ln(1 − balance × r ÷ payment) ÷ ln(1 + r)
- Interest = payment × months − balance
Worked example
Using the starting values in the calculator above:
| Input | Value |
|---|---|
| Loan balance | $35,000 |
| Interest rate | 6.5% |
| Monthly payment | $400 |
| Extra monthly payment | $100 |
| Result | Value |
|---|---|
| Months to pay off | 118.9 months |
| Total interest | $12,565 |
| Months with extra payment | 88.2 months |
| Interest saved by paying extra | $3,444 |
| Months saved | 30.7 |
How to read the result
Ask the servicer to apply extra payments to principal on the highest-rate loan, not to future payments.
If you might qualify for Public Service Loan Forgiveness, paying extra may not help; check first.
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Questions
Questions about this tool
The things clients actually want to know — costs, timelines, ownership and what happens after launch.
Enter your balance, rate and payment to see the payoff time.
It saves interest, especially on higher-rate loans; compare with other goals such as retirement saving.
They should, but confirm with your servicer how extra payments are applied.
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