Student Loan Payoff Calculator
List your student loans and your current monthly payment. See how long payoff will take and how much interest you'll pay — then add an extra monthly amount to see the time and interest it saves you.
Your loans
| Loan name | Balance ($) | APR (%) | Monthly payment ($) |
|---|
Current payments
Paying only what's listed above, no extra.
With extra payment
Extra goes to your highest-rate loan first, then the next.
How this is calculated
Each month, every loan accrues interest (APR ÷ 12), then listed payments are applied. Any extra payment — plus payments freed up from loans you've already paid off — is redirected to the loan with the highest remaining APR (the avalanche approach, which minimizes total interest). The simulation runs until every balance reaches zero, capped at 40 years. If your listed payment doesn't cover a loan's monthly interest, that loan's balance will grow instead of shrink — increase the payment or add extra to fix that.
Federal loans and forgiveness
This calculator assumes a straightforward payoff. If you're on an income-driven repayment plan or pursuing Public Service Loan Forgiveness, your actual payments and payoff timeline depend on your income and program rules, not just balance and rate — use this tool for standard or refinanced private loans, or as a rough comparison only.