Loans
Debt Payoff Calculator
See when you could be debt-free and how extra payments help.
Use CalculatorStudent Loan Calculator
Estimate your payoff timeline and see the effect of paying a little extra each month.
How it works
Your balance is projected month by month: interest is added, then your payment reduces the balance.
The same projection runs with your extra payment added, so you can compare payoff time and total interest.
It also shows the payment that would pay the loan off exactly within your remaining term.
Formula & methodology
Balance(next) = Balance × (1 + r) − payment
- r
- Annual rate ÷ 12
If the payment doesn't exceed the monthly interest, the loan can't be paid off and you'll see a message instead of a date.
Specific federal repayment, forgiveness or deferment programs are not modeled.
Illustrative example
$35,000 at 6% with $389 a month
At $389 the loan takes about 10 years to repay.
Adding $100 a month cuts that to about 7.5 years (89 payments) and saves thousands in interest.
Hypothetical figures for illustration only.
Frequently asked questions
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