LoanPayoff

Student Loan Repayment Calculator

Balance + rate + monthly payment = your exact payoff date and total interest.

Loan balance

Interest rate (APR)

Monthly payment

What you entered

Balance: $35,000APR: 5.5%Monthly payment: $400

1
Monthly interest rate
5.5% ÷ 12= 0.4583%
2
Months to pay off
iterative amortization at $400.00/mo= 113 months (9.4 years)
3
Total paid
113 payments= $44,835.30
4
Total interest
$44,835.30 − $35,000.00= $9,835.30

Result

Payoff time: 113 months

Paying $400/month on a $35,000 loan at 5.5% APR, you'll be debt-free in 113 months (9.4 years), paying $9,835 in interest.

Monthly payment to clear a student loan in 5, 10, or 15 years at 5.5%

Payments that pay each balance off in exactly 60, 120, or 180 months at a 5.5% APR, the rate this calculator opens with. Enter any balance and its payment from this table and the payoff time shown will match the term in the column heading. The last column is the interest cost of the 10-year route.

Loan balance	5-year monthly payment	10-year monthly payment	15-year monthly payment	Total interest, 10-year
$5,000	$95.51	$54.27	$40.86	$1,511
$10,000	$191.02	$108.53	$81.71	$3,023
$15,000	$286.52	$162.79	$122.57	$4,535
$20,000	$382.03	$217.06	$163.42	$6,046
$25,000	$477.53	$271.32	$204.28	$7,558
$30,000	$573.04	$325.58	$245.13	$9,069
$35,000	$668.55	$379.85	$285.98	$10,581
$40,000	$764.05	$434.11	$326.84	$12,092
$50,000	$955.06	$542.64	$408.55	$15,115
$75,000	$1,432.59	$813.95	$612.82	$22,674
$100,000	$1,910.12	$1,085.27	$817.09	$30,231

Illustrative at one assumed rate, so run your own numbers above: federal and private student loan rates differ by several points, and a mixed portfolio of loans does not behave like one balance at one rate. Compare the columns on any row and the trade-off is stark. A $30,000 balance costs $4,382 in interest over five years but $14,122 over fifteen, more than three times as much, for a payment that is less than half the size. Interest is calculated on the balance each month, which is why paying anything above the figures here shortens the term and cuts the total. If your payment is below one month's interest, roughly 0.458% of the balance at this rate, the balance grows instead of shrinking and the calculator will flag it. Nothing here accounts for income-driven plans, forgiveness programs, capitalized interest during deferment, or the student loan interest deduction. This is not financial advice.

How amortization works

Each payment covers that month's interest first, then reduces the principal. Early payments are mostly interest; later payments are mostly principal. On a $35,000 loan at 5.5%, a $400/month payment takes 106 months and costs $7,300 in interest. Paying $500 instead cuts it to 82 months and saves $2,600.

When your payment doesn't cover interest

If your monthly payment is less than one month's interest (balance × rate / 12), your loan balance grows every month instead of shrinking — called negative amortization. The calculator warns you when this happens and shows the minimum payment needed to make progress.

Frequently asked questions

I owe $35,000 at 5.5% — how long to pay off at $400/month?

About 106 months (just under 9 years), with roughly $7,300 in total interest. Increasing to $500/month cuts it to 82 months and saves about $2,600 in interest.

How much of my payment goes to interest vs. principal?

Early in repayment, most goes to interest. On a $35,000 loan at 5.5%, your first month's interest is about $160 of a $400 payment, leaving $240 for principal. Over time, the interest portion shrinks as the balance decreases.

Should I pay extra each month?

Almost always yes, if you can afford it. Extra payments go directly to principal, reducing total interest and shortening the payoff timeline. Even $50-100 extra per month can save thousands in interest over the life of the loan.

How does this relate to the scholarship calculator?

The scholarship calculator helps estimate how much you'll actually borrow (total cost minus aid). This calculator then shows how long that borrowed amount takes to repay and what it costs in interest — use both to understand the full financial picture before borrowing.