2021 NerdWallet Best-of Awards Winner for Best Student Loan Refinancing Overall
2021 NerdWallet Best-Of Awards Winner

Student Loan Payoff Calculator

Check how long it will take you to pay off your student loans. Quickly see the effects of lower rates, extra payments, and different terms on your repayment plan.

Enter Your Loan Information

Loan Balance
Your remaining student loan debt to be repaid.
Interest Rate
The amount that the lender charges in interest, expressed as a percentage.

%

Current Monthly Payment
The total amount of your monthly student loan bill.
Add Multiple Loans to Calculate
Additional Monthly Prepayment
This is the extra amount you would like to put toward your loan every month in addition to your regular monthly payment.

Add Multiple Loans

Insert additional loan

Results

Current Payment w/ extra payment Difference
Term 10 years
Payoff Date
Total Interest $16,560

Want to pay off student loans faster while saving on interest? See your real-tike prequalified refinance rates with our 2 minute comparison tool.

FAQs – Student Loan Payoff Calculator

Interest is the amount of money paid regularly at a particular rate for the use of money borrowed from a student loan lender, or for delaying the repayment of a student loan debt. In essence, it’s the “extra” money you have to pay back the lender for the opportunity to use their money to go to college (or pay off your existing student loans by refinancing).

Your repayment term is the amount of time (typically in years) that you are scheduled to repay your loan in full.

The loan principal, or principal balance, is the total amount still owed on a student loan or refinance loan.

Student loan refinancing is the process of taking one or multiple student loans and refinancing them into a new single loan that often include new terms — such as a lower interest rate, a new monthly payment, and a new repayment length.

If you have high interest federal student loans or private student loans, getting a lower rate through a student loan refinance will reduce the total interest you pay (all else being equal).

Obtaining a lower interest rate can decrease your monthly payments, but so could refinancing to a longer repayment term. By selecting a longer term, you can ensure that your monthly payment is as low as possible to provide some relief to your monthly budget. Plus, you’ll have more expendable cash for other necessary expenses.

When refinancing your student loans, you can also choose a quicker repayment term than the Standard Repayment Plan of 10 years. By choosing a shorter term, you can pay off your loans sooner and get rid of them for good — while maximizing your savings on costly interest.