Loan Payoff Estimator
Enter your balance, rate, and monthly payment, then an extra amount, to see how much sooner the loan clears and how much interest the extra payment saves.
What an extra $50 or $100 really does
Extra payments feel small in the moment and enormous over a loan’s life. Because every dollar of principal you retire early erases all the interest it would have accrued, a steady extra payment is one of the highest-return moves available to a borrower with a fixed-rate loan. Seeing the months and dollars saved in one place makes the trade-off concrete.
Use the Student Loan Calculator to set your baseline payment first, and the Student Loan Refinance Comparison if a lower rate might beat paying extra.
Frequently Asked Questions
How does paying extra each month save so much interest?
Interest is charged on the remaining balance every month, so anything extra you pay goes straight to principal and permanently removes the interest that balance would have generated for the rest of the term. The effect compounds: a smaller balance next month means less interest, which means more of the following payment attacks principal. Even a modest extra amount, kept up consistently, can cut months or years off the loan and save a striking amount of interest.
What's the difference between the two payoff figures?
The estimator simulates the loan twice — once at your current monthly payment and once at your current payment plus the extra — and reports both payoff times side by side. The gap between them is the time you save; the gap in total interest is the money you save. Seeing both lets you decide whether a given extra payment is worth it before you commit to it.
Why does it say the loan never pays off?
If the monthly payment is smaller than the interest charged that month, the balance grows instead of shrinking, so the loan never clears. This happens with a very low payment on a high-rate or large balance. The fix is to pay more than the monthly interest; the calculator flags the case so you know the payment needs to rise rather than showing a misleading number.
Is this financial advice?
No. This is an educational estimate built from the numbers you enter and standard loan arithmetic, assuming a fixed rate and that the extra goes to principal each month. It does not account for whether paying down other debt first, or keeping cash for emergencies, might serve you better. Confirm how extra payments are applied with your servicer, and weigh the decision with a qualified professional if the amounts are significant.
Estimates only, assuming a fixed rate and that the extra is applied to principal. Not financial advice — confirm how extra payments are handled with your servicer.