Student Loan Payoff Calculator (Multiple Loans)
| Loan | Balance ($) | Rate (%) | Minimum ($/mo) | Remove |
|---|---|---|---|---|
Payoff plans
$48,000 across 3 loans · minimums $560/mo · with extra $760/mo
| Plan | Debt-free in | Total interest |
|---|---|---|
| Minimum payments only | 10 years, 1 month | $19,253 |
| Avalanche: extra to the highest rate | 6 years, 7 months | $11,502 |
| Snowball: extra to the smallest balance | 6 years, 8 months | $12,442 |
Adding $200 a month with the avalanche method saves $7,751 of interest and 3 years, 6 months; it beats the snowball by $940.
Avalanche payoff order: Private loan (month 46) → Federal Direct Unsubsidized (month 74) → Federal Direct Subsidized (month 79).
Balance over time
Months across.
Refinancing everything at 6.5% for 10 years
Payment $545/mo · total interest $17,404
Costs $5,901 more interest than paying the current loans with the avalanche plan.
Refinancing federal loans with a private lender ends access to income-driven repayment, Public Service Loan Forgiveness, and federal deferment and forbearance. Compare the rate saving against losing those protections.
Plan the payoff of several student loans at once. Compare paying only the minimums with the avalanche (extra money to the highest rate) and snowball (smallest balance) methods, see when each loan is gone and how much interest you save, and test whether refinancing would beat your current loans.
Formula
Worked Example
Putting $200 a month on top of the $560 of minimums, aimed at the 8.9% private loan first, clears it in month 46 and all three loans in 6 years 7 months, saving $7,751 of interest. Targeting the smallest balance instead costs $940 more.
Frequently Asked Questions
Should I pay off the highest-rate loan first?
Yes, if the goal is the least interest: that is the avalanche method, and it never costs more than the snowball. The snowball (smallest balance first) can be worth its small extra cost if early wins keep you motivated.
Does refinancing federal student loans make sense?
Only if the rate cut is worth more than what you give up. Refinancing with a private lender ends access to income-driven repayment, Public Service Loan Forgiveness and federal deferment and forbearance, and those protections cannot be restored.
Why does the minimum-only plan take about ten years?
Federal loans on the standard plan have minimums set to repay the balance in ten years. Any extra payment shortens that, and rolling each paid-off loan’s minimum into the next one speeds it up further.