Student Loan Payoff Calculator

1. Choose a method: avalanche or snowball.
2. Enter each loan balance, its rate and its minimum payment, in the same order.
3. Add the extra per month you can pay on top of the minimums.
4. Read your time to debt free, the total interest and the total paid.

Here is what each result means:

A payoff strategy is the order in which you attack multiple loans while paying every minimum. You keep your total monthly payment constant, and each time a loan is cleared you roll its freed payment onto the next target. That rolling effect is why a fixed budget clears debt faster than paying minimums alone.

The two common orders are avalanche and snowball. Avalanche targets the highest interest rate first to minimise interest. Snowball targets the smallest balance first to score quick wins that keep you motivated. This tool simulates either one month by month.

It runs a month-by-month simulation. Each month it adds interest, pays every minimum, then sends the leftover budget to one target loan.

1. Interest is added to each balance at its monthly rate.
2. Minimums are paid on every loan.
3. The remaining budget hits the target loan, chosen by rate for avalanche or balance for snowball.

For the total cost of a single loan on its normal schedule, use the student loan true cost calculator.

Suppose three loans of 5000, 12000, 8000 at 4.5, 6.8, 5.2 percent with minimums 60, 130, 90, plus 200 extra a month.

With snowball, your $480 monthly budget pays all minimums, then throws the leftover at the $5,000 loan first. When it clears, its freed payment rolls to the next smallest, and so on. Switching the method to avalanche instead targets the 6.8% loan first, which pays a little less interest overall while taking a similar time.

Both keep your budget constant; they differ only in which loan gets the extra first.

Avalanche usually saves the most money; snowball can help you stick with the plan. The gap between them is often small.

Adding to the budget shortens the payoff and cuts interest, because more goes to principal each month.

Try different extra amounts to see how much time and interest each one saves.

Your Monthly Budget

The biggest lever. A larger constant payment clears debt faster and cuts interest.

Interest Rates

High rates add interest quickly, which is why avalanche targets them first.

The Number and Size of Loans

Many small loans clear fast under snowball; a few large ones favor avalanche.

Planning a Payoff

See how long a fixed budget takes and how much interest it saves.

Choosing a Method

Compare avalanche and snowball on your own loans before you commit.

Testing Extra Payments

Find the extra amount that hits a payoff date you want.

1. Paying Minimums Only

Minimums alone stretch the payoff for years and cost the most interest. A constant budget with rollovers is far faster.

2. Spreading Extra Across Every Loan

Focusing the extra on one target clears loans sooner than splitting it thinly.

3. Not Rolling Freed Payments

When a loan clears, keep the budget constant and roll its payment onward.

4. Ignoring the Rate on Avalanche

Chasing a small balance can leave a high rate accruing. Weigh the trade-off.

5. Setting a Budget Below Interest

If your budget is less than the monthly interest, the balances grow. Raise the extra amount.

The simulation is exact for fixed rates and a constant budget, but real loans have more moving parts.

Avalanche pays the least interest because it targets the highest rate first. Snowball clears the smallest balance first for quick wins that help you stay motivated. The cost difference is often small, so pick the one you will stick with.

Keep your total monthly payment constant, pay every minimum, and throw all extra at one target loan. When it clears, roll its payment onto the next. Adding even a small extra each month shortens the payoff a lot.

Yes. Extra money goes straight to principal, which cuts both the time to payoff and the total interest. Try different amounts to see the effect on your own loans.

You pay every minimum, then send all extra to the loan with the highest interest rate. Once it is gone, you move to the next highest rate. It minimises total interest.

You pay every minimum, then send all extra to the loan with the smallest balance. Clearing loans quickly builds momentum, even if it costs slightly more interest than avalanche.

If your total budget is less than the monthly interest, the balances rise. Increase the extra amount so your payment exceeds the interest.

Refinancing to a lower rate can help, but it may cost federal protections. Compare the new rate and terms carefully before giving up income-driven or forgiveness options.

If your loan rate is higher than your expected investment return, paying off usually wins. If the rate is very low, investing may come out ahead over time.

No. The calculation runs entirely in your browser and nothing you enter is stored or sent anywhere, unless you choose Save, which keeps the result only in this browser.

• Debt snowball method (Wikipedia).
• Debt avalanche vs debt snowball (Investopedia).
• How amortization works (Investopedia).