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Student loan payoff calculator
Federal or private, one loan or a consolidated balance. See when you finish on your current plan and how much sooner with extra payments.
- Federal standard plan
- 10 years, fixed payment
- Prepayment penalty
- None on federal or most private loans
- Income-driven plans
- Not modelled here (payment varies)
$3,504
interest you never pay
- Monthly payment
- $397.42 + $100
- Debt-free
- 7 yrs 5 mo
- Time cut
- 2 yrs 7 mo
- Total interest
- $9,186 vs $12,690
Every extra dollar you put in saves about $0.40 in interest ($8,816 extra in total), a guaranteed, tax-free return equal to your 6.5% rate.
Amortization schedule with extra payments
| Year | Interest | Principal | Extra | Balance |
|---|---|---|---|---|
| 1 | $2,163 | $2,606 | $1,200 | $31,194 |
| 2 | $1,908 | $2,861 | $1,200 | $27,133 |
| 3 | $1,636 | $3,133 | $1,200 | $22,800 |
| 4 | $1,346 | $3,423 | $1,200 | $18,177 |
| 5 | $1,036 | $3,733 | $1,200 | $13,244 |
| 6 | $706 | $4,063 | $1,200 | $7,981 |
| 7 | $353 | $4,416 | $1,200 | $2,365 |
| 8 | $38 | $1,949 | $416 | $0 |
Ask the trail guide about this plan
Get a plain-English read of the numbers above: what's driving the savings, what to check with your lender, and trade-offs to weigh. Written by AI from your inputs, so double-check anything important.
Which loan to pay extra on first
If you have several student loans, send extra to the one with the highest rate (the avalanche method) to save the most interest, or to the smallest balance (snowball) for quick wins. Our debt payoff calculator compares both for your actual loans.
Tell your servicer to apply extra payments to a specific loan, otherwise the Department of Education's servicers may spread it across all your loans or advance your due date.
When not to prepay
If you are working toward Public Service Loan Forgiveness or expect forgiveness under an income-driven plan, extra payments reduce the amount forgiven rather than saving you money. Run your numbers at studentaid.gov before prepaying.
Several loans at once? The debt snowball and avalanche calculator orders them for you.
Questions people ask
Is it smart to pay off student loans early?
For private loans and federal loans you won't have forgiven, yes: prepaying earns a guaranteed return equal to your interest rate. If you qualify for forgiveness, prepaying may cost you money.
How do I make extra student loan payments count?
Pay more than the amount due and ask your servicer, in writing or through its online portal, to apply the excess to principal on your highest-rate loan and not to advance the due date.
Does this work for income-driven repayment?
Only approximately. Income-driven payments change with your income each year, so enter your current payment with "I know my payment" to see a snapshot.
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