Student Loan Payoff Calculator
See your real debt-free date, the total interest you'll pay, and exactly how much time and money a small extra payment each month can save you.
Your balance, year by year
Projected remaining balance using your payment plus any extra, until the loan is paid off.
How this calculator works
Each month, interest accrues on your remaining balance at your annual rate divided by 12. Your payment first covers that interest; whatever is left chips away at the principal. As the principal shrinks, less of each payment goes to interest and more goes to knocking down the balance — which is why the curve above gets steeper near the end.
The calculator runs two simulations and compares them: one using your monthly payment plus any extra, and a baseline using your monthly payment alone. The gap between their total interest is the money your extra payments save you. Because extra dollars attack principal directly, they erase all the future interest that principal would have generated — so even $50 or $100 a month can shave months or years off your timeline.
This is an estimate. Your servicer applies payments by their own rules, rates may be variable, and the timeline assumes you keep paying consistently. Confirm any extra payment is applied to principal, not just "paid ahead" on the next bill.
Student loan FAQs
Refinancing can lower your rate and total interest if you have strong credit, stable income, and high-rate private loans. But refinancing federal loans into a private loan permanently gives up federal protections — income-driven repayment, deferment, forbearance, and forgiveness. Only refinance federal debt if you're confident you won't need those safety nets.
It depends on your rate. Paying off a loan is a guaranteed, tax-free return equal to its interest rate. When your loan rate is higher than the return you'd realistically expect from investing — often the case above roughly 6–7% — extra payments usually win. For lower-rate loans, investing may come out ahead. Either way, keep a starter emergency fund first.
Federal loans have fixed rates set by Congress and flexible protections (income-driven repayment, deferment, forbearance, forgiveness). Private loans from banks and online lenders may offer lower rates to strong borrowers but come with far fewer protections, and the rate can be variable. Know which type you hold before making any payoff or refinancing decision.
Income-driven repayment (IDR) caps your federal payment at a share of your discretionary income, which can lower monthly costs dramatically when money is tight. After 20–25 years of qualifying payments, the remaining balance may be forgiven. IDR is a federal-only benefit — you lose it the moment you refinance into a private loan.