Multiple Loan Payoff Calculator
Have more than one student loan? Most borrowers do — the average holds 3-4. Enter them below, pick a strategy, and see the exact order to attack them, your new debt-free date, and what each strategy costs or saves.
How the payoff order works
Every loan keeps paying its minimum, so nothing goes delinquent. Your extra monthly amount concentrates on one target loan at a time. When a loan dies, its payment doesn't disappear — it rolls into your extra pool, which is why payoff speed accelerates with every loan you kill. This calculator models that rollover exactly.
Avalanche: highest rate first
Mathematically optimal. Every dollar of extra payment kills interest at your worst rate, so total interest is the lowest possible. The trade-off: if your biggest-rate loan is also your biggest balance, the first payoff win can take a year or more.
Snowball: smallest balance first
Psychologically optimal. You bank an early win — one whole loan gone, one payment freed — and momentum does the rest. You'll typically pay a few hundred dollars more in total interest than avalanche, but behavioral studies find people who use snowball are more likely to finish at all.
Not sure which? Run both
Toggle between strategies above and compare the two green numbers: interest saved and months earlier. If the gap is small, pick snowball and take the motivation. If avalanche saves meaningfully more and you don't need the early win, take the math.
Read the full comparison in Debt Snowball vs. Avalanche, or go back to the single-loan student loan payoff calculator.
FAQ
Should I pay off student loans or invest the extra?
If your loan rates are above roughly 6-7%, guaranteed "return" from paying them off usually beats expected market returns — and it's risk-free. Below that, it's closer to a personal call. This calculator shows what payoff saves; it can't price your risk tolerance.
Does this work for mixed debts (car loan + student loans)?
Yes. Add the car loan as another row — the strategy logic is identical across debt types.
What about PSLF or income-driven plans?
If you're pursuing forgiveness, extra payments can be wasted — the forgiven balance never accrues to you. Check studentaid.gov before running an aggressive payoff plan.
For educational purposes only, not financial advice. Figures depend on your inputs; your servicer's official schedule governs actual loans. See studentaid.gov for federal loan details.