Student Loan Payoff Calculator
See exactly how fast you can be debt-free. Add an extra monthly payment, a one-time lump sum, or biweekly payments — the calculator re-runs your full amortization schedule and shows the payoff date and interest you save.
Yearly amortization (with extra payments)
| Year | Principal paid | Interest paid | Remaining balance |
|---|
How to use this calculator
- Enter your loan balance — the total you still owe across the loan you're targeting.
- Enter your annual interest rate (find it on your statement or your servicer's site).
- Enter your remaining term in months — 120 is the standard 10-year plan.
- Add any extra monthly payment or one-time lump sum you're considering.
- Watch the green line beat the orange one: that gap is your money back in your pocket.
How extra payments cut interest
Each month, interest is charged on your remaining balance. When an extra payment hits principal, every future month is charged interest on a smaller balance — so the savings compound. That's why $100 extra per month on a typical $37,000 loan at 5.8% saves thousands of dollars and years of payments, far more than $100 in any single month.
Three strategies, ranked
- Extra monthly payments — steady, automatic, start saving month one.
- Lump sums (tax refund, bonus) — great one-two punch on top of extra monthly.
- Biweekly payments — pays half your payment every two weeks, which quietly adds a 13th payment each year.
Want the full comparison? Read debt snowball vs. avalanche when you have multiple loans.
FAQ
How does a student loan payoff calculator work?
It runs a month-by-month amortization schedule from your balance, rate, and payment. Extra payments go straight to principal, reducing future interest and shortening the payoff date.
How much faster will I pay off with extra payments?
Even $100 extra per month typically cuts years off a 10-year student loan. Enter your numbers above for your exact date.
Is extra monthly or a lump sum better?
Both reduce principal. Extra monthly starts saving immediately; lump sums shine when you get a windfall. The calculator compares both directly.
Does paying extra always make sense?
If you're on an income-driven plan or pursuing forgiveness, extra payments may not benefit you. They make the most sense when you plan to repay in full.
This calculator is for educational purposes only and is not financial advice. Figures are estimates based on the inputs you provide; your servicer's official amortization schedule governs your actual loan. Student loan data referenced from studentaid.gov.