Student Loan Payoff Calculator

Compare recurring, one-time, and annual extra payments—or solve for the monthly payment needed to reach a payoff goal. Review the full month-by-month schedule before acting.

Compare extra student loan payments, solve for a payoff goal, and review a complete fixed-rate amortization schedule.

One fixed-rate loan

Enter one principal balance, one fixed rate, and the payment you make now. No account or identity information is collected.

$

Use the principal balance for one loan.

$

Enter unpaid interest already shown for this loan. Enter $0 only if none is outstanding.

The rate must stay fixed for this model.

$

The baseline applies this amount once per modeled month.

Choose your payoff question

Recurring monthly extra payment

$

Added to every monthly payment in the comparison schedule.

Add one-time or annual payments

These optional payments apply only to the comparison or target schedule—not to the current-payment baseline.

$

Applied now to entered accrued interest first, then principal, before new monthly interest.

$

Applied every 12 payments beginning with the month selected below.

For example, 12 applies it with payment 12, then 24, 36, and so on.

Optional unless you choose a target payoff date. It dates schedule rows.

Your results

Payoff time with your extra payments

44 months

Estimated future interest $1,924.29; final monthly-cycle payment $424.29.

Current payment baseline

Payoff time without optional extra payments

66 months

Estimated future interest $2,890.17; final payment $140.17.

Schedule comparison

Estimated interest saved

$965.88

22 months sooner than the current-payment baseline.

Timing assumption: the one-time payment is applied now to entered accrued interest first, then principal. Each modeled month accrues one-twelfth of the fixed annual rate on outstanding principal before applying the monthly payment and any annual extra payment. Account amounts are rounded to cents.

Scope: one fixed-rate loan. This calculator does not model variable rates, daily posting, fees, capitalization events, pauses, changing interest methods, multi-loan allocation, forgiveness, or servicer-specific rules.

Complete amortization schedule

Before you act

  • Confirm the principal balance, accrued interest, fixed rate, and current payment for this one loan. Run separate loans separately.
  • Ask the servicer or lender how it applies overpayments, how to give allocation instructions, and whether an overpayment changes the next due date or paid-ahead status.
  • Request an exact payoff amount before the final payment. Daily interest and actual posting dates can make a real payoff quote differ from this monthly estimate.

Official next steps

Sources and assumptions

Reviewed July 25, 2026

  • The result is a planning estimate, not a servicer payoff quote or payment instruction.
  • Within this one-loan model, each payment covers entered and newly accrued interest first and then reduces principal.
  • The calculator assumes entered extra payments reach this loan on the modeled dates; real allocation and paid-ahead behavior must be confirmed.
View primary sources

Federal Student Aid — Key Facts About Your StudentAid.gov Account

Verified July 25, 2026. The account Dashboard shows federal loan balances, interest rates, accrued interest, payment information, and assigned servicers.

Read the official source (opens in a new tab)

Federal Student Aid — So Your Loan Was Transferred—What’s Next?

Verified July 25, 2026. Official federal servicer identification and contact links.

Read the official source (opens in a new tab)

Consumer Financial Protection Bureau — How is my student loan payment applied?

Verified July 25, 2026. Official consumer guidance on payment application, allocation instructions, and paid-ahead status.

Read the official source (opens in a new tab)

Consumer Financial Protection Bureau — Private student loan repayment

Verified July 25, 2026. Private-loan repayment options depend on the lender and loan agreement.

Read the official source (opens in a new tab)

Related calculators

Keep going with a focused next step

How the Payoff Schedule Runs

The one-time payment is applied immediately to entered accrued interest first and then principal. For each later modeled month, the calculator adds one-twelfth of the annual interest rate to outstanding principal, applies the monthly payment and any annual extra due that month to interest first and principal second, and carries unpaid interest separately without charging interest on interest. Account amounts are rounded to cents, and the last payment is reduced when less is due.

A Fixed Monthly Model, Not a Servicer Quote

Federal loans generally accrue interest daily, and real payment dates and allocation rules vary. This one-loan monthly model is designed for consistent planning comparisons. It does not decide whether paying extra is better than pursuing income-driven repayment or forgiveness, and it does not allocate one payment across multiple loans.

Student Loan Payoff Calculator FAQs

It can compare a recurring monthly extra payment, an immediate one-time payment, and an annual extra payment for one fixed-rate loan. You can also solve for the monthly payment needed to reach a target term or target payoff date.

The calculator flags the schedule as non-amortizing because the modeled balance would not decline. Some federal repayment plans can still require a payment below accruing interest, but this fixed-payment payoff model is not an income-driven repayment projection.

Not exactly in every case. Servicers generally accrue interest daily and use actual posting dates. This calculator uses a consistent monthly model so different payment amounts can be compared on the same assumptions.

Do not assume every lender or servicer handles overpayments the same way. Confirm how payments are applied, how to give allocation instructions, and whether an overpayment changes your next due date or paid-ahead status.