Student Loan Extra Payment Calculator
See what an extra monthly amount does to your student-loan payoff date and total interest.
Acceleration
Estimated interest saved
$3,242
$100/month extra finishes the loan in 6 yr 10 mo — 2 yr 11 mo sooner — and avoids $3,242 of interest.
- Payoff, current schedule
- 9 yr 9 mo
- Payoff, with extras
- 6 yr 10 mo
- Interest, current schedule
- $10,280
- Interest, with extras
- $7,038
View data table
| Total interest | |
|---|---|
| Current plan | $10K |
| With extras | $7K |
Skip prepayment if you're pursuing forgiveness
On Public Service Loan Forgiveness or an income-driven plan headed toward forgiveness, extra payments mostly reduce the amount that would have been forgiven. Prepay the loans you actually intend to pay off — and tell your servicer extras go to principal on a specific loan.What this may mean for you
With several loans, aim every extra dollar at the highest rate first — the Multiple-Loan Payoff Planner runs your whole list and shows the order and dates.
Results are estimates for educational purposes and may not reflect your complete financial or tax situation.
Understanding this calculator
Student-loan servicers must apply payments beyond the amount due to your balance, and you can direct them to a specific loan — which turns even small extras into a precise tool. Aim them at your highest-rate loan and the savings compound across the whole portfolio.
One caveat before prepaying aggressively: if you're pursuing Public Service Loan Forgiveness or expect forgiveness under an income-driven plan, extra payments may simply reduce the amount that would have been forgiven. Prepayment is for balances you actually intend to pay off.
Assumptions and methodology
- Simulates the balance monthly at your rate and payment; extras apply to principal.
- Interest saved compares the current schedule against the accelerated one.
- Assumes fixed-rate amortized repayment; income-driven plans and forgiveness tracks are different math this tool does not model.
Official sources
Last reviewed August 30, 2026. Year-specific figures show their tax or data year in the tool; data is reviewed when the IRS, SSA, and CMS publish annual updates.
Common questions
Where should extras go with multiple loans?
Highest interest rate first, as a default. The Multiple-Loan Payoff Planner runs your whole list and shows the order and the dates.
Keep going
- Student Loan PaymentSee the monthly payment and total cost of a student loan at any balance, rate, and term.Calculator
- Payoff TimelineWatch your balance fall year by year, with the milestones — halfway paid, final year, done — on a timeline.Calculator
- Multi-Loan PlannerList every student loan, add one extra monthly amount, and get the payoff order, dates, and total interest.Calculator
Want a second set of eyes on this?
If you'd like to talk through what these numbers mean for your situation, you can schedule a free, no-pressure conversation. No products, no pitch — just questions answered.