Student Loan Payoff Calculator
Calculate how long to pay off student loans.
Compare payment strategies, see total interest, and plan extra payments.
Loan Payoff Plan
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Student loan repayment uses the standard amortization formula.
Monthly payment formula:
Payment = Principal × [r(1+r)^n] / [(1+r)^n − 1]
Where:
- r = monthly interest rate (annual rate ÷ 12)
- n = number of months
Example: $30,000 at 5% for 10 years:
- Monthly payment: $318.20
- Total paid: $38,184
- Total interest: $8,184
Extra payment impact: Even small extra payments dramatically reduce total interest. $50 extra per month on the above loan saves $2,388 in interest and pays off 2 years early.
Common repayment plans:
| Plan | Term | Notes |
|---|---|---|
| Standard | 10 years | Fixed payments |
| Extended | 25 years | Lower payments, more interest |
| Graduated | 10 years | Starts low, increases |