Student Loan Payoff Calculator
The Student Loan Payoff Calculator estimates how many months it will take to pay off your student loans at your current payment, and how much interest accrues along the way.
What this means
Student loans can take a decade or more. Knowing your payoff time helps you decide whether to increase payments, refinance, or pursue income-driven options.
How we calculate it
Formula
Payoff months = log(PMT / (PMT − P × r)) / log(1 + r) — with P balance, r monthly rate, PMT payment.Worked example
A $30,000 balance at 6% with a $300 monthly payment:
- 1Monthly rate = 6% / 12 = 0.5%
- 2Payoff months ≈ 137 months (about 11.4 years)
- 3Total interest ≈ $11,000
Important assumptions
- Your payment is fixed and applied monthly.
- A single weighted-average rate represents your loans.
Frequently asked questions
Should I refinance student loans?
Refinancing can lower your rate and payment, but federal loans may lose access to income-driven repayment and forgiveness programs. Compare the trade-offs before switching.
How much should I pay monthly?
At least the interest accruing each month, and ideally more. Paying only the minimum can extend your loan for many years and greatly increase total interest.
What is a weighted-average rate?
If you have multiple loans at different rates, the weighted average is a single blended rate. Enter it here for a good overall estimate.