Calculate student loan payoff time, total interest and the effect of extra payments.
Extra payments reduce principal directly, so every additional pound saves all the interest that principal would have accrued over the remaining term. The saving is therefore far larger than the payment itself. A payment at or below the monthly interest never clears the loan, which is why income-driven plans can leave balances growing despite regular payment.
Student Loan Payoff
Months = −log(1 − P·r ÷ payment) ÷ log(1 + r), the amortisation formula solved for term
Student loan terms vary greatly by country and scheme, and some are income-contingent with forgiveness provisions that change the arithmetic entirely. This is a standard amortisation calculation and not advice. Check your specific loan terms before overpaying.
Months = −log(1 − P·r ÷ payment) ÷ log(1 + r), the amortisation formula solved for term Extra payments reduce principal directly, so every additional pound saves all the interest that principal would have accrued over the remaining term. The saving is therefore far larger than the payment itself.
A payment at or below the monthly interest never clears the loan, which is why income-driven plans can leave balances growing despite regular payment.
This calculator takes 4 inputs: Loan balance, Annual interest rate, Monthly payment, Additional monthly payment. The pre-filled defaults are a realistic starting point — replace them with figures from your own environment for a result you can act on.