Student Loan Payoff & Refinance Calculator
Put all your student loans in one place, see the month you will be debt-free, how much extra payments save with the avalanche or snowball method, and whether a refinance offer really pays.
At a glance
- Handles up to 15 loans, each with its own balance, APR and monthly payment, federal or private.
- Example: $40,000 across three loans at 5–9% on 10-year payments costs $16,417 in interest; $200 a month extra with the avalanche method cuts that to $9,073 and finishes 47 months sooner.
- Avalanche puts the extra on the highest-rate loan first and always costs the least interest; snowball clears the smallest balance first. When a loan is paid off, its payment rolls on to the next.
- Shows your debt-free date, the month each loan is paid off and a combined year-by-year schedule you can download as CSV.
- Refinance: choose which loans to refinance and compare a new rate, term and fees with keeping them – monthly payment, total interest, lifetime saving and the months to recover any fees.
- Warns when federal loans are included: refinancing them with a private lender gives up income-driven repayment, Public Service Loan Forgiveness and federal deferment and forbearance.
- Interest is worked out monthly at APR ÷ 12. Nothing you enter leaves your browser.
Step by step
How to plan your student loan payoff
- 1
List your loans
Enter each loan’s balance, APR and monthly payment from your servicer, and tick Federal for federal loans.
- 2
Add an extra payment
Type how much more you can pay each month, or tap a preset.
- 3
Pick a method
Choose Highest rate (avalanche) to save the most, or Smallest balance (snowball) for quick wins.
- 4
Read your plan
See your debt-free date, total interest, what you save and when each loan is paid off.
- 5
Test a refinance
On Refinance, tick the loans, enter the offer’s APR, term and fees, and compare.
Features
Everything you need, nothing you don’t
All your loans together
Federal and private loans with different rates and payments, in one plan with one debt-free date.
Avalanche or snowball
Compare the interest-saving and the quick-wins approach on your own numbers.
Every extra dollar counted
Add an extra monthly amount and see the interest saved and the months cut, loan by loan.
Honest refinancing
A lower payment can still cost more over a longer term. The calculator shows both, with fees included.
Federal protections flagged
Refinancing federal loans privately is permanent; the calculator says what you would give up.
Private
No sign-up, no credit check and no data sent anywhere.
Avalanche or snowball?
Both methods pay every loan its normal payment and send any extra money to one loan at a time. Avalanche targets the highest interest rate, which is mathematically the cheapest. Snowball targets the smallest balance, so the first loan disappears sooner – a boost that helps some people keep going. On the example below the difference is small, so the best method is the one you will stick to.
| Extra a month | Debt-free in (avalanche) | Interest (avalanche) | Interest (snowball) |
|---|---|---|---|
| $0 | about 10 years | $16,417 | $16,417 |
| $100 | 7 years 7 months | $11,568 | $12,430 |
| $200 | 6 years 2 months | $9,073 | $9,842 |
| $500 | 4 years | $5,604 | $6,097 |
When refinancing makes sense
- You have private loans at a high rate and can qualify for a clearly lower one – the example’s $15,000 private loan at 9% costs $7,802 in interest over 10 years, but $4,535 at 5.5%.
- You will keep or shorten the term: stretching the term lowers the payment but can raise the total interest even at a lower rate.
- Any fees are repaid by the lower payments well before the loan ends.
- You do not need federal benefits – income-driven repayment, Public Service Loan Forgiveness, generous deferment and forbearance. Refinancing federal loans privately ends them for good.
FAQ
Frequently asked questions
How do I pay off student loans faster?
Is it better to pay off the highest interest or the smallest balance first?
Should I refinance my federal student loans?
Does refinancing always save money?
How is student loan interest calculated?
Keep going
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