Student Loan Payoff Calculator
Calculate payoff date and total interest from balance, rate, and monthly payment.
By Konstantin Iakovlev · Updated April 2026 · Source: FSA
Monthly Payment
$773.31
Payoff Time
5.0 years
Total Interest
$6,398.72
Payment Comparison
| $300.00/mo | 221 months | $26,300.00 interest |
| $500.00/mo | 103 months | $11,500.00 interest |
| $750.00/mo | 63 months | $7,250.00 interest |
| $1,000.00/mo | 45 months | $5,000.00 interest |
Use the Student Loan Payoff Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.
Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.
How It Works
Knowing the exact date your loan disappears, and the total interest you will hand over to get there, turns a vague obligation into a concrete plan. That clarity carries real weight now that federal rates on loans disbursed after July 1, 2026, are projected near 6.53% for undergraduate Direct Loans and 8.08% for graduate Direct Loans. With those figures in view, choices like raising your payment or refinancing become measurable rather than guesswork.
Behind the payoff date is standard amortization, applied step by step. Each month the tool calculates the interest accrued, then reduces the principal balance by the remaining portion of your payment, repeating until the balance reaches zero. The payment itself follows P = A / (1 - (1 + r)^-n) / r, where P is the principal, A is the monthly payment, r is the monthly interest rate, and n is the number of payments.
Small extra payments carry more weight than most borrowers expect, trimming both interest and the months left on the loan. Bear in mind that these projections assume a fixed rate and steady monthly payments; a variable rate or a missed payment will shift your real timeline. Federal rates are usually reset each year and can move, so treat your payoff plan as something to revisit rather than set once and forget.
Example: Accelerating a $30,000 Student Loan
- 1 Imagine you have a student loan with a principal balance of $30,000, an interest rate of 6.53% (a projected undergraduate rate for 2026), and a standard monthly payment of $340.
- 2 Using the calculator, we input the balance, rate, and monthly payment. The calculator then computes the number of payments required and the total interest. If you decide to increase your payment to $400, the calculator recalculates these values.
- 3 With a $340 monthly payment, your loan would be paid off in approximately 117 months (9 years and 9 months), and you would pay a total of $9,780 in interest. By increasing your payment to $400, your payoff date would accelerate to approximately 93 months (7 years and 9 months), and your total interest paid would drop to $7,200.
- 4 This example demonstrates that an extra $60 per month can save you two years of payments and nearly $2,580 in interest. This significant savings highlights the power of making even modest additional payments towards your student loan principal.
Source: FSA · Last updated: April 2026
Frequently Asked Questions
How long will it take to pay off my student loans?
Should I pay off student loans or invest?
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