# When is my student loan payoff?

Computes how many months a student loan takes to pay off at the current payment plus extra monthly payments or a lump sum, and the interest and time the extra saves.

- Page: https://www.acalculator.org/finance/student-loan-payoff-calculator
- JSON spec: https://www.acalculator.org/finance/student-loan-payoff-calculator.json
- Version: 2c01e68cf75a

## Default answer

Example with the default inputs (Loan balance $30,000.00, Interest rate 6.5%, Monthly payment now $340.00, Extra each month (optional) $100.00, First payment month October 2, 2026) on the example date Friday, October 2, 2026: Paying $340.00 plus $100.00 a month clears $30,000.00 in 7 years, 2 months, saving $3,363.82 of interest.

## Inputs

| Key | Label | Description |
| --- | --- | --- |
| balance | Loan balance | What you owe today: principal plus any unpaid interest. |
| rate | Interest rate | The loan’s yearly interest rate (a weighted average for several loans). |
| payment | Monthly payment now | The monthly payment you make now. |
| extra | Extra each month (optional) | An extra amount added to every payment. |
| lump | One-time payment now (optional) | A lump sum paid today, before the first monthly payment. |
| start | First payment month | The month of the next payment. It dates the schedule and the payoff month. |

## Outputs

| Key | Label | Description |
| --- | --- | --- |
| months | Months to pay it off | The number of monthly payments until the balance is 0, with the extra and the lump sum. |
| time | Time to pay it off | The months in years and months. |
| payoff | Last payment | The month of the last payment, when a first month is given. |
| interest | Total interest | All the interest paid until the loan is paid off. |
| paid | Total paid | The balance plus all the interest, lump sum included. |
| baseMonths | Months at the current payment | Months to pay off with the current payment alone, when it ever pays off within 50 years. |
| sooner | Months saved | How many fewer payments the extra and the lump sum take. |
| saved | Interest saved | The interest the extra and the lump sum save, compared with the current payment alone. |

## Method

Each month, interest = balance × rate ÷ 365.25 × (365.25 ÷ 12) = balance × rate ÷ 12; the payment (current + extra) pays the interest first, then the balance; the last payment is what is left.

## Assumptions

- Interest is simple daily interest, balance × rate ÷ 365.25 a day, as federal student loan servicers charge, over months of equal length (365.25 ÷ 12 days).
- Each payment goes to the interest that built up first, then to the principal. No unpaid interest is capitalized.
- The lump sum is paid today, before the first monthly payment; the first payment is one month later.
- The rate stays fixed. Several loans can be entered as one balance at their weighted average rate.
- Income-driven plans, forgiveness, autopay discounts and fees are not included.

## Worked examples

1. balance = $30,000.00, rate = 6.5%, payment = $340.00, extra = $100.00 gives months = 86, interest = $7,545.21, baseMonths = 121, sooner = 35, saved = $3,363.82. Source: Federal Student Aid servicer MOHELA, Student Loan Interest: balance × rate ÷ 365.25 a day, payments to interest first (https://mohela.studentaid.gov/DL/resourceCenter/StudentLoanInterest.aspx, retrieved 2026-10-01).
2. balance = $10,000.00, rate = 0%, payment = $250.00, lump = $2,000.00, start = 2026-11-01 gives months = 32, interest = $0.00, baseMonths = 40, sooner = 8, saved = $0.00, payoff = 2029-06-01. Source: Federal Student Aid servicer MOHELA, Student Loan Interest (https://mohela.studentaid.gov/DL/resourceCenter/StudentLoanInterest.aspx).
3. balance = $25,000.00, rate = 6.8%, payment = $287.71 gives months = 120, interest = $9,523.63, baseMonths = 120, sooner = 0. Source: Federal Student Aid servicer MOHELA, Student Loan Interest: $25,000 at 6.8% accrues $4.65 a day (https://mohela.studentaid.gov/DL/resourceCenter/StudentLoanInterest.aspx).

## FAQ

### How much faster will extra payments pay off my student loan?

Every extra dollar goes to principal once the month’s interest is paid, so the balance falls faster and less interest builds up. $30,000 at 6.5% paid at $340 a month takes 121 months; adding $100 a month cuts it to 86 months and saves $3,363.82 of interest.

### How is student loan interest calculated?

Federal student loans charge simple daily interest: balance × interest rate ÷ 365.25 for each day. $25,000 at 6.8% builds up $4.65 a day. The calculator uses months of equal length (365.25 ÷ 12 days), so a month’s interest is balance × rate ÷ 12.

### Where do my extra payments go?

Servicers apply a payment to the interest that has built up first, then to the principal. Because the calculator pays each month’s interest in full, the whole extra amount lowers the principal. Ask your servicer to apply extra payments to principal and not to advance your due date.

### Is a lump sum or a monthly extra better?

A lump sum paid now lowers the balance at once, so it saves more interest than the same total spread over later months. Try both: enter the lump sum in the one-time box and compare.

### Can I enter several student loans?

Add the balances and use the weighted average rate: each loan’s rate × its balance, added up, divided by the total balance. To decide which loan to pay first, the debt payoff calculator can order them by rate.

### Is there a penalty for paying off student loans early?

Federal student loans have no prepayment penalty. Check the terms of a private loan.

### Does this include income-driven repayment or forgiveness?

No. It assumes a fixed payment and a fixed rate until the loan is repaid. Payments under income-driven plans change with your income, and forgiveness rules depend on the plan.

## Sources

- MOHELA (a Federal Student Aid servicer), Student Loan Interest: daily interest = balance × rate ÷ 365.25; payments applied to outstanding interest first, retrieved 2026-10-01. https://mohela.studentaid.gov/DL/resourceCenter/StudentLoanInterest.aspx
- MOHELA (a Federal Student Aid servicer), How Payments Are Applied (payments above the amount due can be made at any time without penalty), retrieved 2026-10-01. https://mohela.studentaid.gov/dl/resourceCenter/howpaymentsareapplied.aspx
- Consumer Financial Protection Bureau, Find advice for your student loans, retrieved 2026-10-01. https://www.consumerfinance.gov/paying-for-college/repay-student-debt/