Debt, budgeting and life insurance
Student Loan Repayment Calculator
Estimate your monthly student loan payment and total interest, and see how many months and dollars you save by adding an extra payment each month.
Payoff and Interest Savings
With vs. Without ExtraHow This Calculator Works
This calculator finds your standard monthly payment and shows how an extra monthly payment cuts the interest you pay and the months you stay in debt. It assumes a fixed rate and a fixed repayment term, so it does not model income-driven plans.
Student loan interest is charged on your remaining balance, so every extra dollar you pay above the required amount lowers the balance and the interest that follows. That makes an extra payment worth about the same as earning your loan's interest rate with no risk. Ask your servicer to apply extra payments to principal.
Frequently Asked Questions
Is student loan interest tax-deductible?
Yes, up to $2,500 a year of qualified student loan interest can be deducted, even if you take the standard deduction. The deduction phases out at higher incomes, based on your modified adjusted gross income (MAGI).
Should I pay off student loans early or invest?
Get your full 401(k) employer match and a three-to-six-month emergency fund first. After that, compare your loan’s interest rate with the after-tax return you could reasonably expect from investing. Loans above 6% to 7% are strong candidates for early payoff.
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