CalcArcade.

Student Loan Payoff Calculator

Enter your balance, interest rate and monthly payment. Add an extra monthly amount or a one-time payment to see the payoff date and the interest you would save.

Your numbers

Result

Estimate for information only, not professional advice. Last reviewed .

Tax year 2026. Tax figures last updated October 29, 2026. Sources.

How we calculate it

Each month interest is the balance times the yearly rate divided by 12. Your payment first covers that interest and the rest reduces the balance, so extra money goes straight to the principal.

The calculator repeats this until the balance reaches zero to find the number of payments, the total interest and the final month. A one-time payment lowers the starting balance, and the saved interest is compared with paying the regular amount only.

Assumptions and limits

  • Federal loan details such as income-driven plans, deferment, forgiveness and capitalized interest are not modeled.
  • Check with your servicer that extra payments are applied to the principal and not to the next month’s bill.
  • If you have several loans, run each one or enter the combined balance with a weighted average rate.
  • The payment must be larger than the first month of interest, or the balance never falls.

Frequently asked questions

How can I pay off my student loan faster?

Pay more than the minimum, make one-time payments from windfalls such as a tax refund, or refinance to a lower rate if that fits your situation. Even a small extra amount each month saves interest.

Should I pay extra on the highest-rate loan?

Usually yes. Putting extra money on the loan with the highest interest rate saves the most interest, as long as you still make the minimum on every loan.

Do extra payments reduce my monthly bill?

Often not: they shorten the loan instead. Ask your servicer to apply extra money to principal and keep the payment the same.

Why does the interest saved change so much?

Interest builds on the balance, so every dollar paid early stops years of interest on that dollar. Larger balances and higher rates make early payments more valuable.

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Worked example (a fixed example using the starting numbers, it does not change as you type)

Inputs: Loan balance ($) = 35000; Interest rate (APR %) = 5.5; Monthly payment ($) = 400; Extra each month ($) = 100; One-time extra payment now ($) = 0.

  • Payoff time 7 years 1 month
  • Debt-free date November 2033
  • Total interest $7,302.96
  • Total paid $42,302.96
  • Time saved 2 years 4 months
  • Interest saved $2,532.34
  • Payoff time without the extra 9 years 5 months

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Last reviewed: . Formulas and assumptions are described on our methodology page. For information only; not professional advice.