Student Loan Payoff Calculator: Extra Payments Can Save You Money

Extra payments go straight against principal, which shortens the loan and removes the interest that would have accrued on that balance. Enter your loan and an extra monthly amount to see the difference.

This calculator is provided for informational and educational purposes only. The results are hypothetical, are based solely on the figures you enter and the assumptions stated on this page, and do not account for taxes, fees, or your individual circumstances unless specifically noted. They are not a projection or a guarantee of future results, and they are not tax, legal, or accounting advice. Nothing on this page is an offer or a solicitation to buy any product. Please consult a qualified tax or legal professional about your situation. Nothing you enter is transmitted or stored. All figures remain in your browser and are cleared when you close this page. This calculator assumes a fixed rate and that extra payments are applied to principal each month. Loan servicers vary in how they apply extra payments, and federal loans may offer forgiveness or income driven repayment options this calculator does not model.