Student Loan Payoff Calculator
Calculate how long it will take to pay off your student loans and see the total interest you'll pay.
Calculator
Results
Time to Pay Off
10 years 10 months
Total Interest
$8777.37
Total Amount Paid
$38777.37
Principal: $30000.00Interest: $8777.37
How It Works
The Student Loan Payoff Calculator uses the following formula to calculate your loan payoff timeline:
Monthly Interest = (Current Balance × Annual Interest Rate) ÷ (12 × 100) New Balance = Current Balance + Monthly Interest - Monthly Payment
Where:
- Current Balance: Your remaining loan amount
- Annual Interest Rate: The yearly interest rate as a percentage
- Monthly Payment: Your regular payment amount
The calculator takes into account:
- Compound interest (interest charged on previous interest)
- Monthly payment application to interest first, then principal
- Total cost including all interest paid
How to Use
- Enter your current student loan balance
- Input the annual interest rate from your loan agreement
- Specify how much you can pay each month
- The calculator will automatically show:
- How long it will take to pay off the loan
- Total interest you'll pay over the life of the loan
- Total amount you'll pay (principal + interest)
- Adjust your monthly payment to see how paying more or less affects your payoff timeline
- Use the chart to visualize your loan balance and interest over time