Student Loan Payoff Calculator
This student loan payoff calculator helps you estimate how long it will take to pay off your loan based on your current payments and loan details.
- Student loan repayment calculator
- Loan term impact analyzer
- Monthly payment estimator
- Payoff schedule calculator
Loan Payoff Formula
Months to Payoff = Log((Payment / (Payment – Loan × Interest Rate))) / Log(1 + Interest Rate)
Total Paid = Monthly Payment × Months to Payoff
Example Calculation
$25,000 loan, 5% interest, 10 years → Monthly Payment: $250 → Payoff Time: 120 months, Total Paid: $30,000.
Why It Matters
Understanding how your loan payoff time and total amount paid are affected by different payments can help you make informed financial decisions.
Smart Strategy
Making extra payments or refinancing can help pay off your loan faster and save on interest.
FAQs
What is the best way to pay off my student loan? Consider making extra payments to pay down the principal faster.
Can I change my loan terms? You can refinance or consolidate to adjust your loan term and interest rate.
