Student Loan Payoff Calculator
Enter your loan balance, interest rate, and standard payment to see your current payoff timeline and total interest cost. Then drag the slider to see how adding even $50 to $100 a month changes the numbers, and whether that is better than letting your balance ride toward forgiveness.
Standard 10-year monthly payment
$318/mo
Monthly interest (at this balance)
$152
Standard pace
Paid off in
10 yr
Total interest
$10,149
+$100/mo extra
Paid off in
7 yr
Total interest
$6,877
$100/month extra saves $3,272 in interest and 3 yr of payments.
Extra payments go entirely to principal. Every dollar above the minimum directly accelerates payoff and cuts interest.
If you are on an IDR plan or pursuing forgiveness
Extra payments reduce the balance that would be forgiven at the end of your plan. If you are on track for PSLF or 20 to 25-year IDR forgiveness, paying extra may reduce a future benefit you were already going to receive. Use the IDR vs. Standard comparison to see which path fits your situation.
Assumes fixed interest rate and consistent payments on a standard 10-year plan. Does not model income-driven repayment, forgiveness programs, or payment changes. Interest accrues monthly.
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Make sense of your student loans
Federal vs. private, income-driven repayment, and forgiveness options.