Student Loan Payoff Calculator
See how paying extra each month gets you out of student debt faster and cuts total interest.
Interest saved $3,046.28
Payoff time 86 months · 7y 2m
Time saved 34 months · 2y 10m
Base payment $333.06
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $3,492 | $1,705 | $26,508 |
| 2 | $3,707 | $1,490 | $22,801 |
| 3 | $3,936 | $1,261 | $18,865 |
| 4 | $4,178 | $1,018 | $14,687 |
| 5 | $4,436 | $761 | $10,251 |
| 6 | $4,710 | $487 | $5,541 |
| 7 | $5,000 | $196 | $541 |
| 8 | $541 | $3 | $0 |
How it's calculated
The loan is simulated with your extra payment applied to principal, then compared to the standard schedule. The gap is your interest and time saved.
Assumptions
- Extra payments apply entirely to principal from the first payment.
- A fixed rate for the full term, compounded monthly.
Last updated: 2026-08-07
These assumptions follow our general methodology.
Frequently asked questions
Should I refinance instead?
Refinancing can lower your rate but federal loans lose protections like income-driven repayment and forgiveness. Weigh both.