Student Loan Payoff Calculator
Create the optimal strategy to pay off your student loans. Compare different payoff methods and explore income-driven repayment options.
Minimum required: $271.32
How to Use This Calculator
- Add all your student loans with balances and interest rates
- Set your total monthly payment budget
- Choose between Avalanche (highest interest first) or Snowball (lowest balance first)
- Compare the results to see which method saves more money
- View the payoff order and timeline for each strategy
How Student Loan Payoff Calculator Works
This calculator helps you create the optimal strategy to pay off multiple student loans by comparing different payoff methods.
Monthly Interest = Balance × (Annual Rate ÷ 12)
Calculates the interest charged each month on each loan balance.
Principal Payment = Payment - Monthly Interest
The amount of your payment that actually reduces your loan balance.
New Balance = Previous Balance - Principal Payment
Your remaining balance after applying the principal payment.
Avalanche Method: Pay highest interest rate loans first
This strategy minimizes total interest paid by targeting the most expensive debt first.
Snowball Method: Pay lowest balance loans first
This strategy provides psychological wins by quickly eliminating smaller debts.
Total Interest Saved = Original Interest - New Interest
The difference between paying minimums vs. using a strategic payoff plan.
Time to Payoff = Months until all loans are paid off
Calculated by applying payments strategically until all balances reach zero.