Loan tool

Student Loan Payoff Calculator

Enter your balance, rate and monthly payment, then try an extra amount. See the month the loan is gone, the interest you pay, and what the extra saves. No sign-up, no email.

✓ Cross-checked against an independent simulation ✓ Shows the effect of an extra payment ✓ 100% free, runs in your browser, stores nothing

Paid off in

n/a

with your extra payment

and

Interest saved

n/a

by the extra payment

Your plan

Total interestwith your plann/a

Total paidbalance plus interestn/a

Months to pay offwith your plann/a

Interest, no extrayour payment alonen/a

Time, no extrayour payment alonen/a

Time savedby the extra paymentn/a

Interest in month oneyour payment must beat thisn/a

In the shop

Want it on paper or in a spreadsheet?

The calculator gives you the date. The shop has the sheets to track it.

See the loan payoff sheetsExcel + Google Sheets or printable PDF · instant download

How this student loan payoff calculator works

It runs your loan month by month, the way a statement would, and tells you the month the balance reaches zero.

# each month interest = balance × APR ÷ 12 balance = balance + interest − (payment + extra) # the last payment is smaller if the balance is smaller than a full payment # if the payment does not beat the first month of interest, the balance never falls

Why a small extra payment matters

Every extra dollar goes straight to the balance, so the next month charges interest on less. Early in a loan the effect is the largest. Try 25, 50 and 100 dollars in the extra box and watch the interest saved.

Before you pay extra

Check how your servicer applies extra money. Some apply it to the next due date instead of the balance. Ask for it to be applied to principal.

Want a plan on paper? A student loan payoff spreadsheet and a printable debt worksheet are in the TidyPaycheck shop.

Questions people ask

How do I calculate my student loan payoff date?

Enter the balance, the yearly interest rate and what you pay each month. The calculator adds a month of interest, takes off your payment, and repeats until the balance is zero. The month it reaches zero is your payoff date.

How much interest does an extra payment save?

Fill in the extra box. The calculator runs the loan twice, once with your payment alone and once with the extra added, and shows the difference in interest and in months.

Why does it say my payment is too low?

If your payment is no larger than the interest charged in a month, the balance does not fall. The calculator shows the interest for month one so you know the amount to beat.

What if my extra payment is more than I owe?

The loan is paid off in one month and the last payment is only what is left, including that month of interest.

Is my data saved or sent anywhere?

No. The calculation runs in your browser. Nothing is stored or sent, and the share image is drawn on your device from the result only.