Early Loan Payoff Calculator
Discover how much faster you can become debt-free with extra payments. Calculate your savings and see your accelerated payoff timeline.
Calculate Your Early Payoff Savings
Loan Details
Extra Payment
Quick Suggestions
Comparison
| Payment Strategy | Monthly Payment | Payoff Time | Total Interest | Total Paid |
|---|---|---|---|---|
| Standard Payment | $325.58 | 10y 1m | $9069.46 | $39069.46 |
| With Extra $100/month | $425.58 | 7y 2m | $6316.14 | $36316.14 |
Your Savings Summary
By adding $100 to your monthly payment, you will:
- Save $2753.32 in interest
- Pay off your loan 2 years and 11 months earlier
- Reduce your total interest by 30.4%
- Become debt-free by month 86 instead of month 121
Why Pay Off Your Loans Early?
Paying off your student loans early offers numerous financial and psychological benefits. Every extra dollar you put toward your principal balance reduces the amount of interest you'll pay over the life of the loan.
Save Money
Reduce total interest paid by thousands of dollars through consistent extra payments.
Financial Freedom
Become debt-free years earlier and redirect payments to savings, investing, or other goals.
Peace of Mind
Reduce financial stress and gain confidence knowing you're making progress.
Smart Extra Payment Strategies
Start Small and Be Consistent
Even adding $25-$50 per month makes a significant impact. Consistency matters more than the amount. Set up automatic extra payments to stay on track.
Apply Windfalls Strategically
Use tax refunds, work bonuses, or gift money for lump sum payments. These one-time payments can significantly accelerate your payoff timeline.
Round Up Your Payments
If your payment is $287, round up to $300. This psychological trick makes extra payments feel effortless while still reducing your balance faster.
Increase Payments with Raises
When you get a raise, dedicate a portion of the increase to your loan payments. You won't miss money you never had in your budget.
Ready to Accelerate Your Debt Freedom?
Explore more tools to optimize your student loan repayment strategy.