Student Loan Payoff Calculator
See how quickly you can pay off your student loans by adding extra payments. Compare your standard repayment timeline with an accelerated plan, view income-driven payment estimates, and see exactly how much interest you can save.
Inputs
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%
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Used to estimate income-driven payments
%
Percent of discretionary income (IBR/PAYE/REPAYE)
Results
Payoff Time (w/ Extra)
7y 1m
Interest Saved
$2,532.34
Time Saved
28 months
Income-Driven Payment
$270.08
Total Interest: Standard vs Accelerated
Remaining Balance Over Time
Yearly Breakdown
| Year | Standard Balance | Accelerated Balance | Standard Paid | Accelerated Paid |
|---|---|---|---|---|
| 1 | $32,051.41 | $30,820.69 | $4,800.00 | $6,000.00 |
| 2 | $28,936.49 | $26,405.63 | $9,600.00 | $12,000.00 |
| 3 | $25,645.87 | $21,741.54 | $14,400.00 | $18,000.00 |
| 4 | $22,169.63 | $16,814.34 | $19,200.00 | $24,000.00 |
| 5 | $18,497.30 | $11,609.22 | $24,000.00 | $30,000.00 |
| 6 | $14,617.83 | $6,110.49 | $28,800.00 | $36,000.00 |
| 7 | $10,519.52 | $301.58 | $33,600.00 | $42,000.00 |
| 8 | $6,190.04 | $0.00 | $38,400.00 | $42,302.96 |
| 9 | $1,616.34 | $0.00 | $43,200.00 | $42,302.96 |
| 10 | $0.00 | $0.00 | $44,835.30 | $42,302.96 |