Student loan payoff estimate
Student loan extra payment calculator
Compare modeled student loan payoff time and interest with a regular payment and an entered extra monthly amount.
Estimate how an extra fixed monthly amount could change a student loan’s modeled payoff time and interest. Enter the balance and payment details from your current statement. Your entries stay in this browser; this is a scenario, not a servicer quote or repayment-plan recommendation.
Enter the current balance, interest rate, and payment amounts.
The model applies monthly interest at the entered annual rate divided by 12, rounded to cents, then applies the regular payment and extra payment at month-end. It assumes the same rate and payments each month, no new borrowing, fees, missed payments, payment pauses, subsidies, forgiveness, or changes in repayment plan. The servicer’s allocation rules, daily interest, and exact payoff amount can differ.
Check repayment options before paying extra
Federal Student Aid says paying more than the minimum can reduce interest and shorten payoff time, and advises borrowers to ask their servicer how extra payments can be allocated. This calculator does not account for repayment-plan benefits, forgiveness eligibility, or borrower protections. Review your loan type and current repayment options before changing payments; use the official StudentAid.gov tools for federal-loan options.
- Federal Student Aid: 5 ways to pay off student loans faster (checked November 3, 2026)
- Federal Student Aid: manage loan repayment
For a general loan payoff target, try the loan payoff target-date calculator. To compare several balances by payoff order, use the debt snowball and avalanche calculator.
For federal repayment-plan eligibility, official comparison, and application steps, see the Federal Student Aid income-driven repayment guide.
To compare current student-loan payments with a private refinance offer, use the student loan refinance cost worksheet. It flags federal-loan benefit risks but cannot value or replace those protections.
How it works
Enter the current balance, fixed annual interest rate, regular monthly payment, and any extra amount to compare modeled payoff schedules.
Good to know
Does paying extra always make sense for a federal student loan?
This calculator cannot evaluate that. Federal repayment plans, forgiveness eligibility, subsidies, and borrower protections are not modeled. Review current options through Federal Student Aid and confirm payment allocation with your servicer before changing payments.
How does the estimate apply payments?
It rounds monthly interest at the entered annual rate divided by 12, then applies the regular and extra amounts at month-end. Actual servicer calculations, payment allocation, and interest timing may differ.
Can I use this for private student loans?
The math can model entered balance, rate, and payments, but private loan terms vary. Check the loan agreement and servicer for payment allocation, fees, and payoff details.
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