Enter your balance, rate and term to see the payment and lifetime interest.
A student loan payoff calculator shows the monthly payment and total interest on a student loan, and how extra payments shorten the term and cut interest.
Federal and private student loans typically amortize over a set term (often ten years on the standard plan), so the payment covers interest first and principal second. The calculator shows the payment and the total interest you'll pay if you follow the schedule, a useful baseline before considering alternatives.
Paying extra goes straight to principal, shortening the loan and cutting interest, and the calculator shows the savings. Federal loans also offer income-driven repayment (lower payments tied to income, potentially with forgiveness) and other options this standard calculation doesn't model. Weigh a faster payoff against those programs and against investing, especially at lower rates.
It amortizes the balance over the term at the loan's rate, interest first, then principal. Enter yours above for the payment and total interest.
Yes, extra goes to principal, shortening the term and cutting interest. Confirm the servicer applies it to principal.
Federal loans offer income-driven plans and forgiveness this standard calculation doesn't model. Weigh those against a faster payoff.
See the exact formula and a worked example on our methodology page.