Student Loan Payoff & Refinance Calculator
Attack your student loans with avalanche or snowball, see exactly what extra payments save versus minimums, and compare refinancing everything into one lower rate — including the federal-loan tradeoff you should know about first.
Your loans (up to 5)
Refinance comparison — optional
What if you refinanced the total balance into one private loan? Warning: refinancing federal loans gives up income-driven repayment, forbearance options, and forgiveness programs — permanently.
How the comparison works
- Payoff simulation: each month, interest accrues on every loan at APR ÷ 12, all minimums are paid, then your extra payment — plus minimums freed from loans already cleared — targets one loan: highest rate (avalanche) or smallest balance (snowball).
- Versus minimums: the same loans simulated with $0 extra, so the interest and months saved are the pure value of your extra payments.
- Refinance: your total balance amortized at the new rate over the new term, using the standard payment formula. Compared against your chosen strategy's lifetime interest.
- The federal tradeoff: this math can't price income-driven repayment, deferment, or forgiveness. If those protections matter to you, a lower private rate may not be worth the trade.
Frequently asked questions
Avalanche or snowball for student loans?
Avalanche (highest rate first) costs less in total interest; snowball (smallest balance first) clears a loan sooner, which helps motivation. With federal loans the rate spread is often small, so the dollar difference between the two can be modest.
Should I refinance federal student loans?
Refinancing federal loans into a private loan can lower your rate, but it permanently gives up federal protections: income-driven repayment, deferment/forbearance options, and loan forgiveness programs. Compare the rate savings against the value of those safety nets for your situation.
What does the negative amortization warning mean?
A loan's minimum payment is smaller than one month of interest, so the balance grows even while you pay. Income-driven plans can do this by design (with possible interest subsidies); otherwise the loan never clears at that payment.
Does extra payment order really matter?
Yes, when rates differ. Every extra dollar aimed at a 7% loan instead of a 4% loan saves the 3-point spread for the remaining life of the loan. When rates are nearly identical, order barely matters.
How accurate is this?
It uses monthly compounding at APR/12 with fixed rates and minimums. Federal loans have quirks — capitalized interest, IDR recertification, servicer-specific payment application — so treat results as planning estimates.