Student Loan Payoff Calculator
See how extra monthly payments shorten a student loan and how much interest you save, with month-by-month accuracy.
Independently verified for accuracy
Calculator by Toolsloft ↗- Months with extra
- 86
- Months saved
- 35
- Interest with extra
- 6922.4
- Interest saved
- 3047.73
This calculator shows how much faster you clear a student loan, and how much interest you save, when you add an extra amount to each monthly payment. Enter your balance, rate, current payment, and extra payment to see the new payoff time and the interest avoided. Use it to decide whether putting more toward loans is worth it.
How this is calculated
It amortizes the balance month by month, adding interest at the monthly rate and subtracting the payment, both at your current payment and at your current payment plus the extra. The difference in months and total interest is the saving from paying extra.
How to use
- Enter your loan balance and interest rate.
- Enter your current monthly payment and an extra amount to add.
- Read the new payoff time, months saved, and interest saved.
Examples
- $30,000 at 6%, $333/mo plus $100:
paid off 35 months sooner, saves $3,047.73 - $50,000 at 5.5%, $540/mo, no extra:
paid off in 121 months
FAQ
- How does paying extra save interest?
- Every extra dollar goes straight to principal, so the balance that interest is charged on shrinks faster. Less principal outstanding each month means less interest accrues over the life of the loan.
- Why is there a minimum payment check?
- If a payment is smaller than the monthly interest, the balance grows instead of falling and the loan never pays off. The calculator flags that case rather than returning a misleading number.
- Should I pay extra or invest instead?
- Compare your loan rate to the after-tax return you expect from investing. Paying down a high-rate loan is a guaranteed return equal to the rate, which is hard to beat with a low-rate loan.