Student Loan Payoff Calculator
See how extra monthly payments reduce your payoff time and interest on student loans.
Your numbers
- Months saved
- 36
- New payoff in
- 84 months
- Standard
- With extra
How the student loan payoff calculator works
We amortize the loan with the standard payment and again with additional monthly principal and compare totals.
Example
Using the default inputs (Loan balance: $42,000; Interest rate: 6.8%; Remaining term (years): 10; Extra monthly payment: $150), the calculator returns interest saved of $5,180. Change any field above to see your own result and charts update instantly.
Good for these goals
Frequently asked questions
Where do extra payments go?
Ask your servicer to apply them to principal on the highest-rate loan.
Should I pay extra or invest?
If your rate is above about 6–7%, extra payments are a strong guaranteed return.
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Estimates are for educational purposes only and are not financial, tax or legal advice. Results depend on your inputs and simplified assumptions; tax figures reflect 2026 federal rules and may differ from your situation. See our disclaimer. © 2026 FinanzCalc.