Student Loan Payoff Calculator
A student loan amortizes like any installment loan: interest accrues monthly at the rate divided by twelve, your payment covers that interest first, and the rest reduces principal. On $28,000 at 6.5% the standard payment of about $320 takes ten years and costs roughly $10,100 in interest. Paying $420 instead finishes in about seven years and saves close to $3,000.
This calculator shows the payoff date and total interest for your balance, rate and payment, then the effect of adding $50 to $500 a month. Federal loans allow extra payments without penalty; tell the servicer to apply them to principal rather than advancing the due date, or the saving shrinks.
Results
Your plan
Debt-free August 2033
In 6 years 11 months, paying $6,833 in interest.
At minimum payments only, these debts take 9 years 11 months and cost $10,052 in interest. With $100 extra a month you are debt-free in 6 years 11 months after $6,833 in interest.
Enable JavaScript to edit the numbers above and see your own plan, charts, and month-by-month schedule.
Frequently asked questions
Should I pay off student loans early?
If the rate is above what you could reliably earn elsewhere after tax, and you have an emergency buffer and any employer retirement match, yes. Rates around 6% to 8% are usually worth attacking. Loans at 3% to 4% are often better left on schedule while you invest, especially if you may qualify for forgiveness programs.
How do extra payments on student loans work?
Anything above the required payment reduces principal, as long as the servicer applies it that way. Some servicers default to paid-ahead status, which advances your next due date instead of cutting principal. Ask them in writing to apply extra to principal on the highest-rate loan, and confirm the balance drop on the next statement.
Which student loan should I pay off first if I have several?
The highest interest rate, which is usually an unsubsidized or private loan. If you are pursuing Public Service Loan Forgiveness or an income-driven plan, do not prepay the loans that would be forgiven. Enter each loan as a separate row on the main calculator to see the exact order and dates.
Does this calculator handle income-driven repayment?
No. Income-driven plans set the payment from your income and family size and can end in forgiveness, so the standard amortization here does not apply. Use it for standard, graduated-equivalent or private loans, or to see what a fixed payment would do if you left an income-driven plan.
Is student loan interest tax deductible?
In the U.S., up to $2,500 of interest a year is deductible above the line, subject to income limits. That lowers the effective rate slightly, by roughly your marginal tax rate times the deductible portion. It rarely changes whether early payoff makes sense but is worth including when comparing against investing.