The Student Loan Debt Calculator will help you calculate how many months/years until your student loan debt is paid off. Simply enter your student loan principal balance and interest rate. Then choose whether you want a specific monthly payment or number of years until your balance is paid off.
Student Loan Payoff Balance: The current payoff on your student loan, including principal and accrued interest since your last payment.
Interest Rate: The annual interest rate on the loan for the education.
Payment Per Month: Choosing the Payment Per Month will calculate how long your student loan will take to payoff with a set monthly amount you enter. Your results will let you know how many months are required to pay off your loan at with your monthly payment.
Example of an Student Loan Payoffs with Different Payment Per Month. $35,000 financed 5.00% interest rate.
Example $500.00 Payments
Example $1,000.00 Payments
Months Until Paid Off: 83 (nearly 7 years)
Months Until Paid Off: 38 (just over 3 years)
The lower loan payment would cost $3,559.03 more in interest than the higher loan payment.
Months Until Paid Off: Choosing the Months Until Paid Off will calculate how much you need to pay on your student loan each month to pay off the debt within the number of months entered.
Example of an Student Loan Payoffs with Different Months Until Paid Off. $35,000 financed with a 3.00% interest rate.