Free Student Loan Payoff Calculator
Calculate how long it will take to pay off your student loan based on your monthly payment amount and interest rate.
Months to Payoff
83
Years to Payoff6.9
Total Interest Paid$5,200.00
Months to Payoff vs Monthly Payment ($)
How to Calculate Student Loan Payoff Time
The payoff time depends on your balance, rate, and payment amount.
Formula
Months = ceil(-log(1 - Balance x r / Payment) / log(1 + r))
Where r = monthly interest rate.
Your payment must exceed the monthly interest charge, or the loan will never be paid off.
Example Calculation
A $28,000 balance at 5% interest with $400 monthly payments.
- 01Monthly rate = 5% / 12 = 0.004167
- 02Monthly interest = $28,000 x 0.004167 = $116.67
- 03Months = ceil(-log(1 - 28000 x 0.004167 / 400) / log(1.004167)) = 81 months
- 04Years = 81 / 12 = 6.75 years
- 05Total interest = $400 x 81 - $28,000 = $4,400