Student Loan Payoff Calculator
See how long until your student loan is paid off and the total interest, from balance, interest rate, and monthly payment (standard repayment). Runs in your browser.
Payoff
- Time to pay off
- 116 months (9.7 yr)
- Total interest paid
- $10,439.33
- Total amount paid
- $40,439.33
Standard fixed-payment amortization. Paying extra each month cuts both the time and the total interest substantially. Assumes a constant rate and on-time payments.
About this tool
This calculator amortizes a student loan under standard fixed-payment repayment: enter your balance, annual interest rate (APR), and the amount you pay each month, and it computes how many months until the loan is gone, the total interest you will pay, and the total of all payments. It uses the standard amortization formula, where each payment first covers that month's interest and the rest reduces the principal, so the interest portion shrinks over time. Two things it makes clear: paying even a little extra each month cuts both the payoff time and the total interest noticeably, because the extra goes straight to principal; and if your payment is too small to cover the monthly interest, the balance never falls — the tool warns you and shows the minimum interest hurdle. It assumes a constant rate and on-time payments, so variable rates, deferments, or capitalization will change real outcomes. It is informational, not financial advice. Everything runs in your browser.
How to use it
- Enter your current loan balance.
- Enter the annual interest rate (APR).
- Enter your monthly payment.
- Read the payoff time and total interest; try a higher payment to see the savings.
Frequently asked questions
- How is the payoff time calculated?
- By standard amortization: each month, interest accrues on the balance (rate ÷ 12), your payment covers it, and the remainder reduces principal. The tool solves for the number of months until the balance reaches zero and sums the interest along the way.
- Why does paying a little extra help so much?
- Extra payment goes entirely to principal, which reduces all future interest. Even modest additional monthly payments can shave months or years off the term and save a large amount of total interest — try raising the payment to see it.
- What if my payment doesn't cover the interest?
- Then the balance grows or stalls and the loan never pays off (negative amortization). The tool detects this and shows the first month's interest as the minimum your payment must exceed to make progress.
- Does this handle income-driven repayment?
- No — this is standard fixed-payment repayment. Income-driven plans set payments from your income and family size and can lead to forgiveness; see the IBR payment estimator and the PSLF countdown for those.
- Are these numbers exact for my loan?
- They are exact for the inputs given and a constant rate, but real loans can have variable rates, interest capitalization after deferment, fees, or multiple loans at different rates. Use your servicer's figures for precise planning.
- Is anything uploaded?
- No. All calculation runs in your browser.