US Student Loan Payoff Calculator
Estimate how long a standard fixed-payment student loan takes to clear. Enter your balance, annual rate and monthly payment, then add an optional extra payment to see the time and interest you could save.
Add an extra monthly payment to compare a faster payoff plan.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,602 | $2,198 | $32,398 |
| 2 | $2,776 | $2,024 | $29,623 |
| 3 | $2,962 | $1,838 | $26,661 |
| 4 | $3,160 | $1,640 | $23,501 |
| 5 | $3,372 | $1,428 | $20,129 |
| 6 | $3,598 | $1,202 | $16,531 |
| 7 | $3,838 | $962 | $12,693 |
| 8 | $4,096 | $704 | $8,597 |
| 9 | $4,370 | $430 | $4,228 |
| 10 | $4,228 | $138 | $0 |
- Estimated time to repay
- 9 years and 11 months (119 payments)
- Required monthly payment
- $400.00
- Extra monthly payment
- $0.00
- Total monthly payment
- $400.00
- Estimated first-month interest
- $189.58
- Estimated total interest
- $12,565
- Estimated total paid
- $47,565
- Estimated final payment
- $365.36
- Faster payoff
- Add an extra monthly payment to compare
- Note
- Estimate only. A servicer’s interest method, payment dates and loan-specific rules can make the real payoff differ.
Is this the right calculator for your loan?
This calculator estimates payoff for a student loan with a fixed monthly payment. It can be useful for private, refinanced and standard-repayment loans. It does not estimate income-driven repayment, forgiveness, PSLF, loan-consolidation eligibility, deferment, forbearance or changing federal repayment rules.
Enter the balance you currently owe, your annual interest rate and your required monthly payment. Add an optional extra monthly payment to see an estimated payoff time, total interest and the time and interest you may save. If you choose Income-driven or not sure for the repayment type, the calculator still runs, but it shows a reminder that your real federal repayment path may depend on income, household size, loan type and program eligibility.
How to use this calculator
- Enter your current loan balance and your current annual interest rate.
- Enter your required monthly payment, before any optional extra payment.
- Add an optional extra monthly payment. It is added to your required payment every month and reduces the same balance.
- Choose whether you are estimating a fixed monthly payment or an income-driven arrangement. This does not change the maths; it only controls the on-screen reminder.
Results update as you type. Use the breakdown tab to see the balance fall year by year, the chart tab for principal against interest, and the summary tab for the full payoff picture and the effect of any extra payment.
How this calculator works
This calculator estimates interest month by month using the annual rate you enter. It adds the estimated interest to your current balance, then applies your required monthly payment and any extra payment. It repeats that until the balance is cleared.
- Monthly interest rate = annual interest rate ÷ 12
- Total monthly payment = required payment + extra payment
- Each month: add the interest, apply the required payment, then the extra payment
- The loan is paid off when the balance reaches zero
The calculator converts the annual percentage rate into a monthly rate. A 6% annual rate is modelled as 0.5% per month before any lender-specific adjustments. With a $35,000 balance at 6.5%, a $400 required payment and a $100 extra payment, that resolves to roughly 8 years to repay, about $10,900 of interest and a final payment smaller than $500 because only the remaining balance is left to clear.
Before making extra payments
Check your promissory note and loan-servicer instructions. Extra payments may be allowed without a prepayment penalty, but the way an overpayment is allocated across multiple loans or future due dates can matter. This calculator assumes the extra payment reduces the one balance shown here.
Assumptions and limits
- Interest is modelled monthly and added before payment.
- The annual interest rate remains fixed for the full illustration.
- The required payment and optional extra payment remain fixed until payoff.
- Extra payments are assumed to reduce the balance without a prepayment penalty.
- The final payment is capped at the balance remaining after interest.
- Actual results may differ because servicers can calculate interest daily, use different payment dates, allocate payments across multiple loans, change rates, capitalise interest, alter required payments or add fees.
- This calculator does not model multiple loans, variable rates, changing repayment plans, missed payments, deferment, forbearance, consolidation, income-driven repayment, forgiveness, PSLF, tax treatment, fees, capitalisation or exact servicer payoff quotes.
Important information
Important: This calculator provides an estimate for general information only and is not financial advice, a servicer payoff quote or a federal repayment-plan recommendation. Actual interest, repayment time and total cost depend on your servicer’s terms, payment timing, fees, capitalisation and any change to your rate or plan.
For help with federal student loans, contact your loan servicer or see the US Department of Education’s Federal Student Aid resources at studentaid.gov.