{
  "slug": "student-loan-payoff",
  "title": "Student Loan Payoff Calculator",
  "heading": "Student Loan Payoff Calculator",
  "category": "financial",
  "url": "https://www.revenuelab.fyi/toolbox/student-loan-payoff",
  "summary": "Payoff date, total interest, and the effect of extra payments.",
  "description": "Every extra dollar on a student loan goes straight to principal after accrued interest is covered, which is why even $100 a month can cut years off a standard 10-year term.",
  "formula": "Amortize the balance at the monthly rate, applying any extra payment to principal.",
  "dateModified": "2026-09-30",
  "run_url": "https://www.revenuelab.fyi/api/public/calc?tool=student-loan-payoff",
  "inputs": [
    {
      "id": "balance",
      "label": "Loan balance",
      "kind": "number",
      "hint": null,
      "default": 38000,
      "unit": "$",
      "min": 0,
      "max": null
    },
    {
      "id": "rate",
      "label": "Interest rate",
      "kind": "number",
      "hint": null,
      "default": 6.5,
      "unit": "%",
      "min": 0,
      "max": 20
    },
    {
      "id": "term",
      "label": "Standard term",
      "kind": "number",
      "hint": null,
      "default": 10,
      "unit": "years",
      "min": 1,
      "max": 30
    },
    {
      "id": "extra",
      "label": "Extra monthly payment",
      "kind": "number",
      "hint": null,
      "default": 150,
      "unit": "$",
      "min": 0,
      "max": null
    }
  ],
  "outputs": [
    {
      "id": "years",
      "label": "Years to payoff",
      "format": "decimal",
      "hint": null,
      "primary": true
    },
    {
      "id": "saved",
      "label": "Interest saved by paying extra",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "interest",
      "label": "Total interest paid",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "payment",
      "label": "Monthly payment",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "monthsSaved",
      "label": "Months shaved off",
      "format": "number",
      "hint": null,
      "primary": false
    },
    {
      "id": "months",
      "label": "Total months",
      "format": "number",
      "hint": null,
      "primary": false
    }
  ],
  "worked_example": {
    "inputs": [
      "Loan balance: 38000 $",
      "Interest rate: 6.5 %",
      "Standard term: 10 years",
      "Extra monthly payment: 150 $"
    ],
    "outputs": [
      "Years to payoff: 6.8",
      "Interest saved by paying extra: $4,746.60",
      "Total interest paid: $9,031.28",
      "Monthly payment: $581.48",
      "Months shaved off: 39",
      "Total months: 81"
    ]
  },
  "how_to": {
    "title": "How to use this",
    "steps": [
      "Enter loan balance ($).",
      "Enter interest rate (%).",
      "Enter standard term (years).",
      "Enter extra monthly payment ($).",
      "Read your years to payoff on the right — it updates as you type.",
      "Hit Share to keep the scenario or send it to someone."
    ]
  },
  "scenarios": [
    {
      "name": "Conservative",
      "description": "Lower-end numbers — what if things land soft?",
      "values": {
        "balance": 23000,
        "rate": 6.5,
        "term": 6,
        "extra": 100
      }
    },
    {
      "name": "Typical",
      "description": "Defaults — the most common real-world setup.",
      "values": {
        "balance": 38000,
        "rate": 6.5,
        "term": 10,
        "extra": 150
      }
    },
    {
      "name": "Ambitious",
      "description": "Higher-end numbers — what if things really pop?",
      "values": {
        "balance": 61000,
        "rate": 6.5,
        "term": 16,
        "extra": 250
      }
    }
  ],
  "limitations": [
    "Results are estimates before tax, fees, and inflation unless an input explicitly covers them.",
    "Rates are treated as fixed for the whole period — variable-rate products will drift from this projection.",
    "This is educational maths, not financial advice. Check anything contractual with the lender or your accountant."
  ],
  "faq": [
    {
      "q": "How does the student loan payoff calculator work?",
      "a": "Every extra dollar on a student loan goes straight to principal after accrued interest is covered, which is why even $100 a month can cut years off a standard 10-year term. The underlying maths is: Amortize the balance at the monthly rate, applying any extra payment to principal."
    },
    {
      "q": "What do I need to enter?",
      "a": "4 values: loan balance, interest rate, standard term, and extra monthly payment. Each field starts with a sensible default, so you can change one number at a time and watch the result move."
    },
    {
      "q": "What does the years to payoff result mean?",
      "a": "It is returned as a decimal number and updates live as you edit the inputs, so you can compare two or three versions of a scenario in a few seconds."
    },
    {
      "q": "Is this calculator free, and do I need an account?",
      "a": "Yes, it's free, and no account is required. Nothing you type is stored on our servers — the maths runs entirely in your browser."
    },
    {
      "q": "How accurate is the result?",
      "a": "It applies the standard formula exactly, so the arithmetic is precise. Results are estimates before tax, fees, and inflation unless an input explicitly covers them."
    },
    {
      "q": "Who is this tool for?",
      "a": "It's built for anyone comparing money scenarios before committing — budgeting a payment, sanity-checking a quote, or seeing what a change in rate or term actually costs."
    }
  ],
  "related": [
    "https://www.revenuelab.fyi/toolbox/student-loan-refinance",
    "https://www.revenuelab.fyi/toolbox/college-savings-529",
    "https://www.revenuelab.fyi/toolbox/salary-negotiation"
  ],
  "license": "CC-BY-4.0",
  "citation": "RevenueLab — Student Loan Payoff Calculator (https://www.revenuelab.fyi/toolbox/student-loan-payoff)"
}