Student Loan Payoff Calculator

Every extra dollar you pay goes straight to principal (since the required interest for that month is already covered), which shrinks the balance interest accrues on for every remaining month — the earlier you add extra, the more total interest it saves, since it compounds over a longer remaining period.

It depends on your loan's interest rate versus your expected investment return, and on federal loan borrower protections (income-driven plans, forgiveness programs) that a payoff calculator doesn't account for — high-rate private loans are the clearest case for prioritizing extra payments.

No — this calculator models a straightforward fixed-rate amortization payoff. If you're pursuing PSLF, IBR/SAVE forgiveness, or another program, paying extra could reduce or eliminate the amount ultimately forgiven — check your specific program's rules before adding extra payments.

This calculator assumes a fixed rate for the full payoff period. A variable-rate loan's actual payoff time and interest will differ if rates change — treat the result as an estimate under today's rate.

Paying half your monthly payment every two weeks means 26 half-payments a year — the equivalent of 13 monthly payments instead of 12. That one extra payment per year, applied automatically, cuts both your payoff time and total interest without feeling like a separate 'extra' payment.

A one-time lump sum (like a tax refund or bonus) is applied immediately to reduce your starting balance, before the rest of the payoff schedule runs — since it removes principal at the very start, it saves interest for the entire remaining life of the loan.