How Long Will It Take to Pay Off a Student Loan, and What Do Extra Payments Save?
Enter balance, interest rate and monthly payment to see months to pay off, total interest and the savings from paying a little more each month.
A student loan can feel endless because interest keeps adding to the balance. Seeing the payoff date and the effect of a small extra payment makes it real.
Quick answer
Enter the balance, the yearly interest rate and your monthly payment. You see the months to pay off, the total interest and the payoff date. Add an extra amount to see the months and interest you save.
Example
Balance 20,000, rate 6 percent, payment 250 a month.
- Payoff: about 99 months (8 years and 3 months).
- Total interest: about 4,700.
With an extra 50 a month (300 in total):
- Payoff: about 79 months.
- Interest saved: about 1,100.
Steps
- Enter the loan balance.
- Enter the annual interest rate.
- Enter your monthly payment.
- Add an optional extra payment.
- Compare the results.
Why extra payments work
Interest is charged on the remaining balance. Any extra payment reduces the balance sooner, so every later month's interest is smaller.
Tips
- Make sure extra payments go to the principal, not to the next month's payment.
- Check for prepayment penalties.
- Pay more when you get a raise or a bonus.
- Different loans have different rules; some income-driven plans forgive balances after many years, which changes the maths.
This is an estimate for planning, not financial advice.
