Aftergrad Ledger / Payoff planning
Student Loan Payoff Calculator
Use the free estimate to project payoff timing and interest for one student loan at its scheduled monthly payment. Active Premium unlocks comparisons with extra payments and additional payoff scenarios.
Replace illustrative defaults with one loan’s current balance, annual interest rate, and scheduled payment from a current statement. An active Premium membership is required for the with-extra comparison.
The estimate, step by step
A monthly estimate based on the numbers you enter.
The free payoff calculator applies this method to one scheduled-payment estimate. Active Premium unlocks the separate recurring-extra comparison. This guide page does not run a calculation.
- 01 / Calculate interest
The annual interest rate is divided by 12. Each month, that rate is applied to the remaining balance before the payment, and the interest is rounded to cents.
- 02 / Apply the payment
The scheduled monthly payment reduces the amount due. For the comparison, the optional extra amount is added to that scheduled payment.
- 03 / Estimate the payoff
The calculator repeats the monthly estimate to show projected payoff timing and total interest for each path that reaches payoff within its horizon.
Assumptions and limits
A planning estimate has boundaries.
The tool holds the annual rate and payment amounts steady from month to month. It excludes fees, deferments, new borrowing, and changes in loan status.
When no payoff estimate appears
For each path, the calculator does not show a payoff estimate when its monthly payment is at or below estimated interest on the starting balance, because the balance would not decrease. It also withholds an estimate when payoff would fall beyond its 1,200-month (100-year) horizon.
Actual servicer calculations may differ. This is educational planning information, not financial, tax, or legal advice. No payoff date or savings are promised.