Student Loan Payoff Calculator

Calculate a student loan payoff date and see how much faster you can pay it off by changing your monthly payment.

$
$

Student Loan Payoff Summary:

Estimated Payoff Date:
Nov 2028
Time to Pay Off:
6 yrs and 3 mos
Total Interest:
$8,350.69
Total Payments:
$48,350.69

Amortization Schedule:

Amortization schedule for a $40,000.00 loan with a 6.25% interest rate and a 75-month term.
DatePaymentPrincipalInterestRemaining Balance
Sep 2022$650.00$441.67$208.33$39,558.33
Oct 2022$650.00$443.97$206.03$39,114.36
Nov 2022$650.00$446.28$203.72$38,668.08
Dec 2022$650.00$448.60$201.40$38,219.48
Jan 2023$650.00$450.94$199.06$37,768.54
Feb 2023$650.00$453.29$196.71$37,315.25
Mar 2023$650.00$455.65$194.35$36,859.60
Apr 2023$650.00$458.02$191.98$36,401.58
May 2023$650.00$460.41$189.59$35,941.17
Jun 2023$650.00$462.81$187.19$35,478.36
Jul 2023$650.00$465.22$184.78$35,013.14
Aug 2023$650.00$467.64$182.36$34,545.50
Sep 2023$650.00$470.08$179.92$34,075.42
Oct 2023$650.00$472.52$177.48$33,602.90
Nov 2023$650.00$474.98$175.02$33,127.92
Dec 2023$650.00$477.46$172.54$32,650.46
Jan 2024$650.00$479.95$170.05$32,170.51
Feb 2024$650.00$482.45$167.55$31,688.06
Mar 2024$650.00$484.96$165.04$31,203.10
Apr 2024$650.00$487.48$162.52$30,715.62
May 2024$650.00$490.02$159.98$30,225.60
Jun 2024$650.00$492.57$157.43$29,733.03
Jul 2024$650.00$495.14$154.86$29,237.89
Aug 2024$650.00$497.72$152.28$28,740.17
Sep 2024$650.00$500.31$149.69$28,239.86
Oct 2024$650.00$502.92$147.08$27,736.94
Nov 2024$650.00$505.54$144.46$27,231.40
Dec 2024$650.00$508.17$141.83$26,723.23
Jan 2025$650.00$510.82$139.18$26,212.41
Feb 2025$650.00$513.48$136.52$25,698.93
Mar 2025$650.00$516.15$133.85$25,182.78
Apr 2025$650.00$518.84$131.16$24,663.94
May 2025$650.00$521.54$128.46$24,142.40
Jun 2025$650.00$524.26$125.74$23,618.14
Jul 2025$650.00$526.99$123.01$23,091.15
Aug 2025$650.00$529.73$120.27$22,561.42
Sep 2025$650.00$532.49$117.51$22,028.93
Oct 2025$650.00$535.27$114.73$21,493.66
Nov 2025$650.00$538.05$111.95$20,955.61
Dec 2025$650.00$540.86$109.14$20,414.75
Jan 2026$650.00$543.67$106.33$19,871.08
Feb 2026$650.00$546.50$103.50$19,324.58
Mar 2026$650.00$549.35$100.65$18,775.23
Apr 2026$650.00$552.21$97.79$18,223.02
May 2026$650.00$555.09$94.91$17,667.93
Jun 2026$650.00$557.98$92.02$17,109.95
Jul 2026$650.00$560.89$89.11$16,549.06
Aug 2026$650.00$563.81$86.19$15,985.25
Sep 2026$650.00$566.74$83.26$15,418.51
Oct 2026$650.00$569.70$80.30$14,848.81
Nov 2026$650.00$572.66$77.34$14,276.15
Dec 2026$650.00$575.65$74.35$13,700.50
Jan 2027$650.00$578.64$71.36$13,121.86
Feb 2027$650.00$581.66$68.34$12,540.20
Mar 2027$650.00$584.69$65.31$11,955.51
Apr 2027$650.00$587.73$62.27$11,367.78
May 2027$650.00$590.79$59.21$10,776.99
Jun 2027$650.00$593.87$56.13$10,183.12
Jul 2027$650.00$596.96$53.04$9,586.16
Aug 2027$650.00$600.07$49.93$8,986.09
Sep 2027$650.00$603.20$46.80$8,382.89
Oct 2027$650.00$606.34$43.66$7,776.55
Nov 2027$650.00$609.50$40.50$7,167.05
Dec 2027$650.00$612.67$37.33$6,554.38
Jan 2028$650.00$615.86$34.14$5,938.52
Feb 2028$650.00$619.07$30.93$5,319.45
Mar 2028$650.00$622.29$27.71$4,697.16
Apr 2028$650.00$625.54$24.46$4,071.62
May 2028$650.00$628.79$21.21$3,442.83
Jun 2028$650.00$632.07$17.93$2,810.76
Jul 2028$650.00$635.36$14.64$2,175.40
Aug 2028$650.00$638.67$11.33$1,536.73
Sep 2028$650.00$642.00$8.00$894.73
Oct 2028$650.00$645.34$4.66$249.39
Nov 2028$250.69$249.39$1.30$0.00
This calculation is based on widely-accepted formulas, but it is not a recommendation for how to handle your finances. Consult with a financial professional before making financial decisions.
Learn how we calculated this below


On this page:


Formula to Calculate Principal Paid for Student Loan Payments

principal = PMT − (P \times r)

Where:
PMT = payment amount
P = remaining principal balance
r = periodic interest rate