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.

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Student Loan Payoff Summary:

Estimated Payoff Date:
Mar 2029
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
Jan 2023$650.00$441.67$208.33$39,558.33
Feb 2023$650.00$443.97$206.03$39,114.36
Mar 2023$650.00$446.28$203.72$38,668.08
Apr 2023$650.00$448.60$201.40$38,219.48
May 2023$650.00$450.94$199.06$37,768.54
Jun 2023$650.00$453.29$196.71$37,315.25
Jul 2023$650.00$455.65$194.35$36,859.60
Aug 2023$650.00$458.02$191.98$36,401.58
Sep 2023$650.00$460.41$189.59$35,941.17
Oct 2023$650.00$462.81$187.19$35,478.36
Nov 2023$650.00$465.22$184.78$35,013.14
Dec 2023$650.00$467.64$182.36$34,545.50
Jan 2024$650.00$470.08$179.92$34,075.42
Feb 2024$650.00$472.52$177.48$33,602.90
Mar 2024$650.00$474.98$175.02$33,127.92
Apr 2024$650.00$477.46$172.54$32,650.46
May 2024$650.00$479.95$170.05$32,170.51
Jun 2024$650.00$482.45$167.55$31,688.06
Jul 2024$650.00$484.96$165.04$31,203.10
Aug 2024$650.00$487.48$162.52$30,715.62
Sep 2024$650.00$490.02$159.98$30,225.60
Oct 2024$650.00$492.57$157.43$29,733.03
Nov 2024$650.00$495.14$154.86$29,237.89
Dec 2024$650.00$497.72$152.28$28,740.17
Jan 2025$650.00$500.31$149.69$28,239.86
Feb 2025$650.00$502.92$147.08$27,736.94
Mar 2025$650.00$505.54$144.46$27,231.40
Apr 2025$650.00$508.17$141.83$26,723.23
May 2025$650.00$510.82$139.18$26,212.41
Jun 2025$650.00$513.48$136.52$25,698.93
Jul 2025$650.00$516.15$133.85$25,182.78
Aug 2025$650.00$518.84$131.16$24,663.94
Sep 2025$650.00$521.54$128.46$24,142.40
Oct 2025$650.00$524.26$125.74$23,618.14
Nov 2025$650.00$526.99$123.01$23,091.15
Dec 2025$650.00$529.73$120.27$22,561.42
Jan 2026$650.00$532.49$117.51$22,028.93
Feb 2026$650.00$535.27$114.73$21,493.66
Mar 2026$650.00$538.05$111.95$20,955.61
Apr 2026$650.00$540.86$109.14$20,414.75
May 2026$650.00$543.67$106.33$19,871.08
Jun 2026$650.00$546.50$103.50$19,324.58
Jul 2026$650.00$549.35$100.65$18,775.23
Aug 2026$650.00$552.21$97.79$18,223.02
Sep 2026$650.00$555.09$94.91$17,667.93
Oct 2026$650.00$557.98$92.02$17,109.95
Nov 2026$650.00$560.89$89.11$16,549.06
Dec 2026$650.00$563.81$86.19$15,985.25
Jan 2027$650.00$566.74$83.26$15,418.51
Feb 2027$650.00$569.70$80.30$14,848.81
Mar 2027$650.00$572.66$77.34$14,276.15
Apr 2027$650.00$575.65$74.35$13,700.50
May 2027$650.00$578.64$71.36$13,121.86
Jun 2027$650.00$581.66$68.34$12,540.20
Jul 2027$650.00$584.69$65.31$11,955.51
Aug 2027$650.00$587.73$62.27$11,367.78
Sep 2027$650.00$590.79$59.21$10,776.99
Oct 2027$650.00$593.87$56.13$10,183.12
Nov 2027$650.00$596.96$53.04$9,586.16
Dec 2027$650.00$600.07$49.93$8,986.09
Jan 2028$650.00$603.20$46.80$8,382.89
Feb 2028$650.00$606.34$43.66$7,776.55
Mar 2028$650.00$609.50$40.50$7,167.05
Apr 2028$650.00$612.67$37.33$6,554.38
May 2028$650.00$615.86$34.14$5,938.52
Jun 2028$650.00$619.07$30.93$5,319.45
Jul 2028$650.00$622.29$27.71$4,697.16
Aug 2028$650.00$625.54$24.46$4,071.62
Sep 2028$650.00$628.79$21.21$3,442.83
Oct 2028$650.00$632.07$17.93$2,810.76
Nov 2028$650.00$635.36$14.64$2,175.40
Dec 2028$650.00$638.67$11.33$1,536.73
Jan 2029$650.00$642.00$8.00$894.73
Feb 2029$650.00$645.34$4.66$249.39
Mar 2029$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


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How to Calculate a Student Loan Payoff Date

Before taking on student debt, every student needs to know how much their monthly payment will be and how long they will be paying off the debt. You can use our student loan calculator above to calculate the monthly payment on a student loan.

The payoff calculator above can help you figure out if you will be able to afford the student loan payments. Since student loans function like other amortized loans, you can also use a loan payoff calculator to calculate the payoff date.

How to Calculate Loan Interest and Principal

Once you know the monthly payment, you can determine what portion of the payment goes to interest and what portion goes to principal.

The formula to calculate the interest portion of the payment is:

interest = P \times r

Where:
P = remaining principal balance
r = periodic interest rate

The formula to calculate the principal portion of the payment is:

principal = PMT − (P \times r)

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

Let’s try an example using the calculator. Let’s assume you have a student loan of $30,000 which will be paid at 8% annual interest with a monthly payment of $500.

To find the periodic interest rate, divide the annual interest rate of 8% by 12, which equals 0.6667%.

In this example, the first interest payment will be $200. You can find this by multiplying $30,000 by 0.6667%.

$30,000 × 0.006667 = $200

Repeat this step each month as the remaining principal balance gets lower.

The amortization schedule shows that this loan will be paid off in 6 years and 5 months. You can use an amortization calculator to see the principal and interest payments for each month.

The principal payment is just the monthly payment minus the interest payment. For the first month in our example, the monthly payment is $500 and the interest payment is $200.

Therefore, the principal payment will be $300.

To calculate the monthly payment on a loan, use a loan payment calculator.

How to Estimate Early Payoff Dates

The estimated payoff date is slightly less than the inverse of the increase in payment. To estimate an early payoff date, try the formulas above with a higher payment amount and repeat the steps to calculate the payoff date for the new payment amount.

For example, if you plan on doubling the monthly payment, the payoff date will be less than half the time.

If the monthly payment is tripled, the payoff date will be slightly less than a third of the original payoff date.

In our example, we would pay off the loan in 6 years and 5 months with a $500 payment. If we double the payment to $1000, the payoff time is 2 years and 10 months.

If the payment becomes $1,500 per month, the payoff time is 1 year and 10 months.

How Much Do Extra Loan Payments Help?

There are two reasons why extra payments reduce the time it takes to pay off a loan. First, it automatically increases the amount that goes to the principal each month.

Also, it reduces future interest payments because the remaining principal balance will be smaller at each time period. Let’s look at each of these in more detail.

First, the principal payment automatically increases. The first payment of $500 in our example paid $300 towards the principal.

If you increase the monthly payment to $600, that extra $100 goes straight to the principal balance, so now $400 goes to pay down the principal balance. This is repeated each month.

The faster the principal payment goes down, the faster the loan will be paid off in full.

Also, as the remaining principal balance goes down faster, the future interest payments will also be less because the interest payments are based on the remaining principal balance.