Student Loan Repayment Calculator

A student loan repayment calculator takes your current balance, annual interest rate, and monthly payment to project exactly when you'll pay off the loan and how much total interest you'll pay. This tool also lets you add an extra monthly payment to see how much faster you can become debt-free and how much interest you save.

A student loan payment calculator helps you plan your repayment strategy. Use it to see your payoff date under your current payment, test how extra monthly payments shorten the loan, and compare total interest costs across different repayment speeds. It turns your loan balance into a concrete timeline.

On a $35,000 loan at 5.5%, the standard $402/month payment takes 10 years and costs $13,200 in interest. Adding $100/month cuts the payoff to 7.3 years and saves about $3,000 in interest. The earlier you start, the more you save — extra payments in year 1 are worth more than the same payments in year 5.

Compare your loan rate to expected investment returns after tax. If your loan is at 6%+, paying it off is a guaranteed 6% return. If your rate is below 4% and your employer matches 401(k) contributions, capture the full match first (instant 50–100% return), then attack the loan.

On the standard federal repayment plan, minimum payments are calculated to pay off your loan in 10 years (120 months). For a $35,000 loan at 5.5%, that's approximately $380/month. Income-driven repayment (IDR) plans can lower this to as little as $0/month based on your income, but the loan takes longer and costs more in total interest.