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Student Loan Payoff Calculator
See how much sooner you'd finish — and how much interest you'd save — by paying extra on your student loans each month.
Short answer
Extra payments on a student loan go straight to principal, shortening the loan and cutting total interest. On a $30,000 loan at 6.5%, an extra $150 a month finishes years early and saves thousands. Enter your balance, rate, term, and an extra monthly amount to see your new payoff date and interest saved. Just confirm your servicer applies the extra to principal.
Monthly payment
$340.64
Principal + interest
Total interest
$6,536
Over the loan
Total paid
$36,536
Principal + interest
Payoff time
6 yr 3 mo
3 yr 9 mo sooner
Paying $150 extra a month pays your loan off 3 yr 9 mo sooner and saves $4,341 in interest.
Amortization schedule
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,057 | $1,831 | $25,943 |
| 2 | $4,329 | $1,559 | $21,614 |
| 3 | $4,619 | $1,269 | $16,995 |
| 4 | $4,928 | $960 | $12,067 |
| 5 | $5,258 | $630 | $6,809 |
| 6 | $5,610 | $277 | $1,198 |
| 7 | $1,198 | $12 | $0 |
How extra payments shorten your loan
Every dollar you pay above the scheduled amount reduces your principal directly, so less interest accrues for the rest of the loan — which is why extra payments compound in your favor. The earlier in the loan you add them, the bigger the effect. The calculator shows both how many months you'd cut and the total interest you'd avoid, so you can weigh extra payments against other goals.
How we calculate this
Every number on this page comes from the same fixed-rate amortization a loan servicer uses:
- Monthly payment. M = P·r ÷ (1 − (1 + r)⁻ⁿ), where P is your balance, r is the annual rate ÷ 12, and n is the number of months in the term.
- Total interest. the loan is simulated month by month: each payment covers that month's interest first, and the rest reduces principal. Summing the interest portions gives the total interest.
- Extra payments. any extra amount is applied to principal each month, so the loan reaches zero sooner. We simulate with and without it to show the months saved and interest avoided.
- Total paid & payoff time. total paid is principal plus all interest; payoff time is the month the balance reaches zero — earlier when you pay extra.
Assumptions
- A fixed interest rate held for the life of the loan — variable-rate loans reset and are not modeled here.
- Repayment starts now on the current balance; in-school interest accrual and capitalization are not included.
- Standard amortized repayment — income-driven plans that recalculate payments yearly are not modeled.
- Educational estimates, not financial advice — your servicer's figures govern.
Last reviewed: July 19, 2026
Frequently asked questions
Related tools
How is my student loan monthly payment calculated?+
Your payment comes from standard amortization: the loan balance, the interest rate, and the repayment term. The formula is M = P·r ÷ (1 − (1 + r)⁻ⁿ), where P is the balance, r is the monthly rate (annual rate ÷ 12), and n is the number of months. The standard federal plan is 10 years (120 payments). Enter your balance, rate, and term above to see the payment and total interest.
How can I pay off my student loans faster?+
Paying extra each month goes straight to principal, which shortens the loan and cuts total interest. Even a small extra amount adds up: on a $30,000 loan at 6.5%, an extra $150 a month can shave years off the term and save thousands in interest. Enter an extra payment above to see how much sooner you'd finish and how much interest you'd save. Make sure your servicer applies extra payments to principal, not to future bills.
What is the standard student loan repayment term?+
The standard federal repayment plan is 10 years (120 fixed monthly payments), and it's the default unless you choose another plan. Extended and income-driven plans stretch payments over 20–25 years, which lowers the monthly amount but raises total interest. This calculator lets you set any term so you can compare the standard 10-year plan against a longer one.
How much interest will I pay on my student loans?+
Total interest depends on your balance, rate, and how long you take to repay. On a $30,000 loan at 6.5% over 10 years you'd pay roughly $10,900 in interest; stretch it to 20 years and interest more than doubles even though the monthly payment drops. The calculator shows your total interest and total amount paid so you can see the real cost of a longer term.
Should I refinance or just pay extra on my student loans?+
Paying extra always helps and costs nothing, so it's the safe first move. Refinancing can lower your rate, but for federal loans it means giving up protections like income-driven plans and forgiveness — so weigh that carefully. Use this calculator to see what extra payments do at your current rate; if you're considering a new rate, compare it here and check our refinance calculator too.
Are these student loan figures exact?+
They're accurate for a fixed-rate loan repaid on schedule, which covers most federal and many private student loans. They don't model variable rates, in-school interest accrual, capitalization, deferment, or income-driven plans that recalculate payments each year. Use this for planning your standard repayment and extra-payment strategy, and confirm specifics with your loan servicer.
Estimates for planning only, not financial advice. Models fixed-rate amortized repayment; excludes in-school accrual, capitalization, and income-driven plans. Your servicer’s figures govern.