Student Loan Payoff Calculator
See how long it takes to clear a student loan and how much interest you pay — plus how much an extra monthly payment saves.
How it works
Each month: interest = balance × (APR ÷ 12) · balance = balance + interest − payment · repeat until the balance reaches zero
A fixed monthly payment first covers the interest that accrued that month, and whatever is left chips away at the principal. Because interest is charged on the remaining balance, every extra dollar you pay early removes principal that would otherwise have compounded interest for years. That is why even a small recurring extra payment can shave months off the term and hundreds off the total interest.
Worked example
On a $30,000 balance at 6% APR, the first month accrues 30,000 × 0.5% = $150 of interest. Paying $350 leaves $200 to reduce principal. Continuing at $350 clears the loan in about 9 years 8 months with roughly $10,600 in interest; adding $50 a month pays it off years sooner.
Frequently asked questions
What if my payment barely covers the interest?
Then almost nothing reduces the principal and the loan lingers for decades. If the payment is at or below the monthly interest, the balance never falls at all — this calculator flags that case. Raising the payment even slightly above the interest changes the math dramatically.
Does an extra payment really help that much?
Yes. Extra money applied to principal stops that amount from accruing interest for the rest of the term. Because student loans often run 10–20 years, the compounding saved by early extra payments is substantial.
Is student loan interest tax-deductible?
In the US you may deduct up to $2,500 of student loan interest per year, subject to income limits. This calculator shows gross interest and does not model any tax benefit — check current rules for your situation.
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Educational estimate, not financial advice. Actual loan terms, fees and interest depend on your lender and credit profile.