Student Loan Payoff Calculator

Find out exactly when your student loan will be gone — and how much faster you could get there with a little extra each month.

📖 How it works & FAQ

Loan balance ($)

Interest rate (% APR)

Monthly payment ($)

Extra per month ($)

How your payoff timeline is calculated

This calculator runs a month-by-month amortization of your loan. Each month, interest accrues on your remaining balance (your annual rate divided by 12). Your payment covers that interest first, and whatever is left over chips away at the principal. The tool repeats this until the balance hits zero, counting every month and every dollar of interest along the way. Because it simulates each payment instead of using a rounded formula, the final partial payment is handled correctly.

Why small extra payments matter so much

Every extra dollar you pay goes straight to principal, and a smaller principal means less interest next month — the effect compounds in your favor for the entire life of the loan. On a typical balance, an extra $50 a month can cut a ten-year loan by a year or more and save hundreds or thousands in interest. Type different amounts into the "Extra per month" box and watch the savings cards update instantly; even round-up amounts like $20 or $25 make a visible dent.

Everything runs locally in your browser — your loan numbers are never uploaded or stored anywhere. These results are estimates only and are not financial, tax, or legal advice.

How to use it

Enter your current loan balance — the payoff amount on your servicer's dashboard is the most accurate figure.
Enter your interest rate as an annual percentage (APR), such as 5.5.
Enter the monthly payment you actually make, then add any extra amount you're considering.
Read the cards: payoff time, total interest, and — if you added an extra amount — your new payoff date, interest saved, and time saved.

FAQ

Why does it say my payment is too small?: If your monthly payment is less than the interest that accrues each month, the balance never shrinks. The tool shows the monthly interest amount so you know the minimum you'd need to beat.
Does this work for income-driven plans or forgiveness?: No. It models a fixed payment on a fixed rate. Income-driven repayment, subsidies, and forgiveness programs follow their own rules, so treat these numbers as a baseline comparison.
Can I use it for private loans or refinanced loans?: Yes — any loan with a fixed rate and a regular monthly payment works, including private student loans, refis, and even personal loans.
Is my information saved or sent anywhere?: No. All math happens in your browser, nothing is transmitted, and refreshing the page clears everything.