Use our free Student Loan Payoff Calculator or a Repayment Calculator to estimate monthly payments, repayment timelines, and total interest. Adjust loan amount, interest rate, and term with interactive sliders and chart visualization.
Estimated Monthly Payment:
Total Interest Paid: $0
Loan Payoff Time: –
Steps to Use the Student Loan Repayment Calculator
Enter your student loan amount using the slider.
Adjust the interest rate (%) to match your loan.
Select the loan term (in years).
(Optional) Add an extra monthly payment to see how much faster you can pay off the loan.
Review your monthly payment, total interest, and payoff time, with a visual chart of loan balance over time.
The Student Loan Payoff Calculator uses the standard loan amortization formula:
M = P × r × (1 + r)n ÷ ((1 + r)n – 1)
A Student Loan Payoff Calculator helps estimate your monthly payments, total interest, and overall repayment cost based on loan amount, interest rate, and term.
The calculator provides close estimates. Actual payments may vary slightly depending on lender policies, fees, and repayment plans.
Yes, it works for both federal and private loans, as long as you know the loan amount, rate, and term.
It helps students and graduates plan their budget, compare repayment terms, and minimize total interest cost.
You can pay more than the minimum monthly payment, refinance to a lower interest rate, or choose a shorter repayment term.
Yes, making extra payments reduces your balance faster and lowers total interest paid.
Yes, refinancing may lower your interest rate and monthly payments, changing your repayment schedule.
You can run the calculator separately for each loan or combine them into a single average rate.
Typically, extra payments go directly toward the principal, reducing your loan faster.
Explore dozens of free, accurate, and easy-to-use tools for every academic need. Bookmark the Financial Calculators Hub and simplify your school, college, or exam experience today!