Calculate your payoff date, see total interest, and discover how extra payments can save you thousands. Support for multiple loans.
Our calculator uses standard amortization formulas to compute precise payoff dates and interest amounts. Results assume consistent monthly payments and interest rates. Actual payoff dates may vary based on payment timing, variable interest rates, and loan servicer processing delays.
Yes! Extra payments directly reduce your principal balance, which means less interest accrues over time. Even small extra payments can save thousands in interest and shorten your payoff timeline significantly. The earlier you make extra payments, the greater your savings due to compound interest.
Federal loans typically have fixed interest rates set by Congress (currently 5.5-7.0%) and offer income-driven repayment options. Private loans vary by lender (9-12%+) and are not eligible for federal forgiveness programs. This calculator works with both types to show your personalized payoff strategy.