Student Loan Payoff Calculator
See how much sooner extra payments clear your student (or personal) loans, your early payoff date, and the interest you'll save, with a full schedule you can download.
Free. We'll add it to your Debts tab with your extra payment, so the payoff date updates as you pay it down.
If you're pursuing PSLF (Public Service Loan Forgiveness) or forgiveness at the end of an income-driven repayment (IDR) plan, your remaining balance is wiped out anyway. Extra payments just shrink the amount forgiven, so they're wasted. This calculator is for borrowers who plan to pay their loans off in full.
How to use this student loan payoff calculator
Enter your total student loan balance and your average interest rate, then type your current monthly payment (or switch to "I want a payoff date" to work backward from a target). Add an extra monthly amount and the calculator instantly shows how many years and how much interest it saves, charts your balance falling, and builds a full schedule you can download.
How much do extra payments save on student loans?
Because interest is charged on your remaining balance, every extra dollar goes straight to principal and erases the interest that dollar would have cost for the rest of the loan. Here's the effect on a $37,000 balance at 6.5% APR (estimates, use the calculator for your exact numbers):
| Extra payment | Payoff time | Total interest | Interest saved |
|---|---|---|---|
| $0 (standard 10-yr) | 10 yr | ~$13,400 | — |
| +$100 / mo | ~7 yr 6 mo | ~$9,850 | ~$3,550 |
| +$200 / mo | ~6 yr | ~$7,830 | ~$5,570 |
| +$300 / mo | ~5 yr | ~$6,490 | ~$6,910 |
Just $150 a month, found from a tighter budget or a cancelled subscription, pays a typical balance off about three years early and saves thousands. The earlier in repayment you start, the bigger the effect.
Federal vs. private: which student loan to pay off first
If you're paying your loans off in full, target the highest interest rate first (the avalanche method), which is usually a private loan. Private loans typically cost more and come with fewer protections, no income-driven repayment, no federal forgiveness, limited hardship options, so there's little reason to keep them around. Hold your federal loans at their standard payment while you attack the private ones, then roll that freed-up payment onto the next loan.
Should you pay off student loans early or invest instead?
Paying down a loan is a guaranteed, tax-free return equal to its interest rate. If your loans are above roughly 6%, paying them down usually beats what a safe investment earns after tax. Below that, and with an emergency fund in place, splitting the extra between loans and investing is reasonable. The one exception is forgiveness: if you're on PSLF or IDR forgiveness, invest the difference instead of overpaying a balance that's going to be wiped out.
Does this work for personal loans?
Yes. A personal loan payoff follows the exact same amortization math, so you can use this as a personal loan early-payoff calculator too: enter your balance, APR, and payment, then test extra amounts. Just check your agreement for a rare prepayment penalty before making a large lump-sum payment. For any other fixed loan (auto, a simple mortgage), the general loan payoff calculator is the better fit.
Student loan payoff FAQ
Should I pay off my student loans early?
It depends on your interest rate and your plans for forgiveness. Paying extra is a guaranteed return equal to your loan's rate, so on higher-rate private or graduate loans (roughly 6%+), paying down early usually beats what a safe investment earns. But if you're pursuing loan forgiveness, do not pay extra (see below). And keep a starter emergency fund first, so a surprise bill doesn't undo your progress.
Should I pay extra if I'm going for PSLF or income-driven forgiveness?
No. If you're on track for Public Service Loan Forgiveness (PSLF) or forgiveness at the end of an income-driven repayment (IDR) plan, your remaining balance is forgiven anyway. Every extra dollar you pay just shrinks the amount that would have been forgiven, so it's wasted money. Paying extra only makes sense if you plan to pay the loan off in full yourself.
Is there a penalty for paying off student loans early?
No. Federal student loans have no prepayment penalty, and virtually no private student loan does either. You can pay extra, make lump-sum payments, or clear the whole balance early with no fee. The only thing to watch is making sure the extra is applied to your principal (see below).
Should I pay off federal or private student loans first?
Usually private first. Private loans tend to carry higher interest rates and offer far fewer protections (no income-driven repayment, no federal forgiveness, limited hardship options). Paying the highest-rate loan first (the avalanche method) saves the most interest, and that's often a private loan. Keep federal loans on their standard minimums while you attack the private ones.
How do I make sure my extra payment goes to the principal?
Tell your loan servicer, in writing or in their online portal, to apply any extra to the principal and not to 'advance' your next due date. By default, many servicers apply extra payments to future interest or push your due date forward, which does not speed up payoff. A quick instruction to 'apply overpayment to principal' fixes it.
How much will extra payments save on my student loans?
On $37,000 of student loans at 6.5% APR on a standard 10-year plan (about $420/month, roughly $13,400 in total interest), adding $150 a month pays them off around 3 years early and saves roughly $4,700 in interest. Every extra dollar goes straight to principal, so the earlier in the loan you add it, the more it saves. Use the calculator above for your exact numbers.
Should I refinance my student loans?
Refinancing with a private lender can lower your interest rate if you have strong credit and steady income, which speeds up payoff. But refinancing federal loans into a private loan permanently gives up federal protections: income-driven repayment, PSLF and other forgiveness, and generous deferment/forbearance. Only refinance federal loans if you're confident you'll pay them off in full and won't need those safety nets.
Does this work for personal loans too?
Yes. The math is identical for a personal loan, an auto loan, or any fixed-rate installment loan: enter the balance, APR, and monthly payment, and add an extra amount to see the early-payoff date and interest saved. Personal loans also generally have no prepayment penalty, though a few do, so check your loan agreement before a large lump sum.
Can I download my student loan payoff schedule?
Yes. Use the Download CSV button to save the full month-by-month payoff schedule, which opens in Excel, Google Sheets, or Numbers, or use Print for a paper copy. No sign-up required.
How this is calculated
This is a standard loan amortization, the same math your servicer uses. Given your balance, rate, and payment, the payoff date and total interest are exact; the forgiveness guidance above is what makes 'pay extra' the right or wrong move.
- Convert your APR to a monthly rate:
APR / 12. A 6.5% APR becomes about 0.542% per month. - Each month, interest accrues on the current balance:
balance x monthly rate. Whatever's left of your payment reduces the principal. - In date mode, the required payment is solved with the amortization formula
P = B x r / (1 - (1 + r)^-n), wherenis the number of months. - An extra payment is applied 100% to principal, which is why it saves both time and interest, both shown against your current-payment baseline.
What it assumes
- A fixed interest rate and interest that compounds monthly. Variable-rate private loans will differ as the rate moves.
- Extra goes to principal (tell your servicer to apply overpayments to principal, not to advance the due date).
- This assumes you are paying the loan off in full. If you're pursuing PSLF or IDR forgiveness, extra payments do not help.
Sources
- Federal Student Aid (studentaid.gov): repayment & forgiveness — official federal repayment, IDR, and PSLF rules
- CFPB: paying off student debt — official consumer guidance on repayment and extra payments
Last updated: July 2026 An educational estimate, not repayment or forgiveness advice. Confirm your rate, servicer's extra-payment handling, and any forgiveness eligibility before making decisions.