Student Loan Payoff Calculator
See how much sooner you can be debt free. Adding $100 a month to a $35,000 loan at 5.5% saves $2,877.49 in interest and 31 months.
How extra payments speed up payoff
Each month, interest on the remaining balance is added, then your payment reduces the balance. Any extra amount goes straight to principal, so next month’s interest is smaller, and the effect compounds.
With a $35,000 balance at 5.5% and a $380 payment, the loan lasts 10 yr 0 mo. Adding $100 a month finishes it in 7 yr 5 mo, saving 31 months and $2,877.49 in interest.
Tips for paying student loans faster
- Tell your servicer to apply extra payments to principal, not to future installments.
- Target the highest interest loan first (avalanche method).
- Put windfalls such as tax refunds toward the balance.
- Check for refinancing only on private loans. Refinancing federal loans removes protections.
For multiple debts see the loan payoff calculator, or compare options with the compound interest calculator.
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Frequently asked questions
How do I pay off my student loans faster?
Pay more than the minimum each month, make biweekly payments or apply windfalls to principal.
Is it better to pay extra on student loans or invest?
If the loan rate is higher than the return you expect after tax, paying it off is a guaranteed return. Many people do both.
Do extra payments reduce monthly payment or term?
They reduce the term unless you ask the servicer to recalculate the payment.
What if my payment is lower than the monthly interest?
Then the balance grows. The calculator warns you in that case.
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