Student Loan Payoff Calculator
See how much faster your student loans disappear when you pay extra each month.
Inputs
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $497.95 | $307.49 | $190.46 | $34,692.51 |
| 2 | $497.95 | $309.17 | $188.79 | $34,383.34 |
| 3 | $497.95 | $310.85 | $187.10 | $34,072.49 |
| 4 | $497.95 | $312.54 | $185.41 | $33,759.95 |
| 5 | $497.95 | $314.24 | $183.71 | $33,445.71 |
| 6 | $497.95 | $315.95 | $182.00 | $33,129.75 |
| 7 | $497.95 | $317.67 | $180.28 | $32,812.08 |
| 8 | $497.95 | $319.40 | $178.55 | $32,492.68 |
| 9 | $497.95 | $321.14 | $176.81 | $32,171.54 |
| 10 | $497.95 | $322.89 | $175.07 | $31,848.66 |
| 11 | $497.95 | $324.64 | $173.31 | $31,524.02 |
| 12 | $497.95 | $326.41 | $171.54 | $31,197.61 |
| 13 | $497.95 | $328.19 | $169.77 | $30,869.42 |
| 14 | $497.95 | $329.97 | $167.98 | $30,539.45 |
| 15 | $497.95 | $331.77 | $166.19 | $30,207.68 |
| 16 | $497.95 | $333.57 | $164.38 | $29,874.11 |
| 17 | $497.95 | $335.39 | $162.56 | $29,538.72 |
| 18 | $497.95 | $337.21 | $160.74 | $29,201.51 |
| 19 | $497.95 | $339.05 | $158.90 | $28,862.46 |
| 20 | $497.95 | $340.89 | $157.06 | $28,521.57 |
| 21 | $497.95 | $342.75 | $155.20 | $28,178.82 |
| 22 | $497.95 | $344.61 | $153.34 | $27,834.21 |
| 23 | $497.95 | $346.49 | $151.46 | $27,487.72 |
| 24 | $497.95 | $348.37 | $149.58 | $27,139.35 |
| 25 | $497.95 | $350.27 | $147.68 | $26,789.08 |
| 26 | $497.95 | $352.18 | $145.78 | $26,436.91 |
| 27 | $497.95 | $354.09 | $143.86 | $26,082.81 |
| 28 | $497.95 | $356.02 | $141.93 | $25,726.80 |
| 29 | $497.95 | $357.96 | $140.00 | $25,368.84 |
| 30 | $497.95 | $359.90 | $138.05 | $25,008.94 |
| 31 | $497.95 | $361.86 | $136.09 | $24,647.07 |
| 32 | $497.95 | $363.83 | $134.12 | $24,283.24 |
| 33 | $497.95 | $365.81 | $132.14 | $23,917.43 |
| 34 | $497.95 | $367.80 | $130.15 | $23,549.63 |
| 35 | $497.95 | $369.80 | $128.15 | $23,179.83 |
| 36 | $497.95 | $371.82 | $126.14 | $22,808.01 |
| 37 | $497.95 | $373.84 | $124.11 | $22,434.17 |
| 38 | $497.95 | $375.87 | $122.08 | $22,058.30 |
| 39 | $497.95 | $377.92 | $120.03 | $21,680.38 |
| 40 | $497.95 | $379.97 | $117.98 | $21,300.41 |
| 41 | $497.95 | $382.04 | $115.91 | $20,918.36 |
| 42 | $497.95 | $384.12 | $113.83 | $20,534.24 |
| 43 | $497.95 | $386.21 | $111.74 | $20,148.03 |
| 44 | $497.95 | $388.31 | $109.64 | $19,759.72 |
| 45 | $497.95 | $390.43 | $107.53 | $19,369.29 |
| 46 | $497.95 | $392.55 | $105.40 | $18,976.74 |
| 47 | $497.95 | $394.69 | $103.27 | $18,582.05 |
| 48 | $497.95 | $396.84 | $101.12 | $18,185.22 |
| 49 | $497.95 | $398.99 | $98.96 | $17,786.22 |
| 50 | $497.95 | $401.17 | $96.79 | $17,385.06 |
| 51 | $497.95 | $403.35 | $94.60 | $16,981.71 |
| 52 | $497.95 | $405.54 | $92.41 | $16,576.16 |
| 53 | $497.95 | $407.75 | $90.20 | $16,168.41 |
| 54 | $497.95 | $409.97 | $87.98 | $15,758.44 |
| 55 | $497.95 | $412.20 | $85.75 | $15,346.24 |
| 56 | $497.95 | $414.44 | $83.51 | $14,931.80 |
| 57 | $497.95 | $416.70 | $81.25 | $14,515.10 |
| 58 | $497.95 | $418.97 | $78.99 | $14,096.14 |
| 59 | $497.95 | $421.25 | $76.71 | $13,674.89 |
| 60 | $497.95 | $423.54 | $74.41 | $13,251.35 |
How it works
We amortize the loan twice — once with the standard payment, once with the standard payment plus your extra — and compare the totals.
Frequently asked questions
Are extra payments always worth it?
Mathematically yes — every extra dollar reduces the principal and saves future interest. But check whether your loan has a prepayment penalty and weigh higher-return alternatives like 401(k) matching.
Where should I direct extra payments?
Confirm with your lender that extra funds are applied to principal, not stored as future payments.
Lump sum vs. monthly extra?
A lump sum applied today saves more interest than the same dollar amount spread over a year, because the principal drops sooner.
Does this hurt my credit?
No — paying down a loan early generally helps your credit because it lowers your debt utilization.
Can I refinance instead?
Sometimes refinancing to a shorter term saves even more. Use our refinance calculator to compare.