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Student Loan Payoff Calculator

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Student Loan Payoff Calculator excel to calculate early payoff for your student loan. There are two ways to calculate student loan prepayment, use a desired monthly payment or the number of years until payoff. Learn how long it takes to pay pay off student loans with our student loan payoff calculator. You can export the student loan payoff amortization schedule in an excel sheet. The student loan prepayment calculator will show you how much you save in total interest payments when you make an extra payment to pay off your student loan early.

Student Loan Prepayment Calculator

Current Balance
$
Interest Rate
Current Monthly Payment
$
Extra Monthly Payment
$
OR
Desired Payoff Years
years

How long does it take to pay off student loans?

Original vs. Early Payoff

Original Early Payoff
Monthly Payment
$500.00
$600.00
Expected Payoff Time
66 months
54 months
Total Interest
$2,544.45 $2,087.76
Total Principal
$30,000.00 $30,000.00
Total Payment
$32,544.45 $32,087.76
Total Interest Savings
$0 $456.69
Payoff Date
Nov, 2029 Nov, 2028

Early Payoff Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Jun, 2024 1 $75.00 $525.00 $600.00 $29,475.00
Jul, 2024 2 $73.69 $526.31 $600.00 $28,948.69
Aug, 2024 3 $72.37 $527.63 $600.00 $28,421.06
Sep, 2024 4 $71.05 $528.95 $600.00 $27,892.11
Oct, 2024 5 $69.73 $530.27 $600.00 $27,361.84
Nov, 2024 6 $68.40 $531.60 $600.00 $26,830.25
Dec, 2024 7 $67.08 $532.92 $600.00 $26,297.32
Jan, 2025 8 $65.74 $534.26 $600.00 $25,763.07
Feb, 2025 9 $64.41 $535.59 $600.00 $25,227.47
Mar, 2025 10 $63.07 $536.93 $600.00 $24,690.54
Apr, 2025 11 $61.73 $538.27 $600.00 $24,152.27
May, 2025 12 $60.38 $539.62 $600.00 $23,612.65
Jun, 2025 13 $59.03 $540.97 $600.00 $23,071.68
Jul, 2025 14 $57.68 $542.32 $600.00 $22,529.36
Aug, 2025 15 $56.32 $543.68 $600.00 $21,985.68
Sep, 2025 16 $54.96 $545.04 $600.00 $21,440.65
Oct, 2025 17 $53.60 $546.40 $600.00 $20,894.25
Nov, 2025 18 $52.24 $547.76 $600.00 $20,346.48
Dec, 2025 19 $50.87 $549.13 $600.00 $19,797.35
Jan, 2026 20 $49.49 $550.51 $600.00 $19,246.84
Feb, 2026 21 $48.12 $551.88 $600.00 $18,694.96
Mar, 2026 22 $46.74 $553.26 $600.00 $18,141.70
Apr, 2026 23 $45.35 $554.65 $600.00 $17,587.05
May, 2026 24 $43.97 $556.03 $600.00 $17,031.02
Jun, 2026 25 $42.58 $557.42 $600.00 $16,473.60
Jul, 2026 26 $41.18 $558.82 $600.00 $15,914.78
Aug, 2026 27 $39.79 $560.21 $600.00 $15,354.57
Sep, 2026 28 $38.39 $561.61 $600.00 $14,792.96
Oct, 2026 29 $36.98 $563.02 $600.00 $14,229.94
Nov, 2026 30 $35.57 $564.43 $600.00 $13,665.51
Dec, 2026 31 $34.16 $565.84 $600.00 $13,099.68
Jan, 2027 32 $32.75 $567.25 $600.00 $12,532.43
Feb, 2027 33 $31.33 $568.67 $600.00 $11,963.76
Mar, 2027 34 $29.91 $570.09 $600.00 $11,393.67
Apr, 2027 35 $28.48 $571.52 $600.00 $10,822.15
May, 2027 36 $27.06 $572.94 $600.00 $10,249.21
Jun, 2027 37 $25.62 $574.38 $600.00 $9,674.83
Jul, 2027 38 $24.19 $575.81 $600.00 $9,099.02
Aug, 2027 39 $22.75 $577.25 $600.00 $8,521.76
Sep, 2027 40 $21.30 $578.70 $600.00 $7,943.07
Oct, 2027 41 $19.86 $580.14 $600.00 $7,362.93
Nov, 2027 42 $18.41 $581.59 $600.00 $6,781.33
Dec, 2027 43 $16.95 $583.05 $600.00 $6,198.29
Jan, 2028 44 $15.50 $584.50 $600.00 $5,613.78
Feb, 2028 45 $14.03 $585.97 $600.00 $5,027.82
Mar, 2028 46 $12.57 $587.43 $600.00 $4,440.39
Apr, 2028 47 $11.10 $588.90 $600.00 $3,851.49
May, 2028 48 $9.63 $590.37 $600.00 $3,261.12
Jun, 2028 49 $8.15 $591.85 $600.00 $2,669.27
Jul, 2028 50 $6.67 $593.33 $600.00 $2,075.94
Aug, 2028 51 $5.19 $594.81 $600.00 $1,481.13
Sep, 2028 52 $3.70 $596.30 $600.00 $884.83
Oct, 2028 53 $2.21 $597.79 $600.00 $287.05
Nov, 2028 54 $0.72 $287.05 $287.76 $0.00


How much does a student loan cost?

The costs of a student loan depend on 3 variables, the size of the loan, the interest rate, and the terms. For example, if a student borrowed $30,000 with an interest rate of 5.5 with a 10-year term. The monthly payment would be $325.58, and the total interest cost would be $9,069.46 after 10 years of payment. The interest payment is almost one-third of the amount borrowed. The longer the term or the interest rate, the most costly it gets. Therefore, you may want to pay off your student loan faster.


How to pay off student loans fast?

A typical student loan can last anywhere from 10 to 25 years. The longer the term, the more costly it gets as the borrower would pay more in interest payment. One way to pay off student loans faster is to make extra payments. Extra payments allow borrowers to pay off their student loans faster and earlier. They can save thousands of dollars in interest payments depending on the size of the loan and the number of extra payments that you make. Let's look at our previous example, where a borrower has a $30,000 loan with a 5.5% interest rate and a 10-year term. The monthly payment is $325.58. The total interest payments are $9,069.46 The payoff time is 10 years If the borrower increases his monthly payment by $100, which is the extra payment. He would pay off the loan in a little over 7 years, and the total interest payments will be reduced to only $6,316.11. The monthly payment with extra payment is $425.58 The total interest payments with extra payments are $6,316.11 The payoff time with extra payment is a little over 7 years. Before you start to make extra payments, make sure you talk to the bank first. The extra payments have to be paid towards the principal balance instead of the next month's interest payment. Let your lender know in writing that the extra payments will be applied to the principal so that you have proof of payments.



Pros and cons of paying off student loans early?

While paying off student loans saves you money in the long run, are there any drawbacks in the short term? Following are the pros and cons of paying off student loans early. Pros and cons of paying off student loans early

  • Save on interest payments - borrowers may save thousands of dollars in interest payments when they pay off their student loans faster.
  • Shorten loan terms - isn't it nice to pay off your student loan many years earlier? The feeling of being loan-free is something to celebrate.
  • Lowers your debt-to-income ratio - if the borrower is thinking of buying a house and needs to get a mortgage. The debt to income ratio or LTV is something that the bank reviews when processing your mortgage application. The lower the LTV, the better. A lower LTV might even get you better mortgage rates.

Cons of paying off student loans early

  • High monthly payment - if you choose to make extra payments, the monthly payments would be higher, which would reduce your spending budget.
  • Other loans with higher interest - student loans usually have a much lower interest rate than other types of loans such as credit card debts. If you choose to make extra payments on your student loan, you may build up the balance on your credit card which has a much higher APR. Make sure you only make extra payments that you can afford and it does not deteriorate your living style.
  • Opportunity costs - you may have other business or investment opportunities that offer a better return than the interest payments that you are making with your student loan.

Whether it is worth paying off your student loan earlier is a personal choice and depends on your situation. Evaluate all the inputs and make a decision. If you can't afford to make a meaningful extra payment each month, but still want to give it a try. You can always start small, and it may have a bigger impact than you might think.


How to use the student loan payoff calculator?

There are two ways to use the student loan payoff calculator, to calculate how much interest payments you can save by making extra monthly payments or having a desired payoff year.


Student Loan Terms

Current Balance - the remaining balance of your student loan. Interest Rate - the interest rate for your student loan Current Monthly Payment - how much are you paying monthly as of today? Extra Monthly Payment - how much more in extra payments that you want to make on top of the regular monthly payments. Desired Payoff Years - if you are not sure how much extra payments per month you want to make, but you do have a desired payoff year in mind. For example, if the term for your student loan is 10 years, and you want to pay it off in 6 years, that's where you enter the 6 as your desired payoff year. Users can only choose to enter one of the two inputs, extra monthly payment or the desired payoff years.


Student Loan Payoff Amortization Schedule

The student loan payoff calculator will calculate the new monthly payment, and the number of months it would take to pay off the student loan. There is a comparison table between the original loan and the new one with extra payments that shows how much money you save and other details. In addition, borrowers will get a new early payoff amortization schedule that shows the updated interest and principal pay each month, the total payment, and the remaining balance after each payment.


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