Student Loan Calculator
Estimate monthly student loan payments, total interest, total repayment cost, payoff time, and savings from extra monthly payments.
Student Loan Results
This calculator provides an estimate only. Actual student loan payments can differ because of repayment plan type, subsidized interest rules, income-driven repayment, deferment rules, capitalization, fees, refinancing, loan servicer policies, and payment timing.
Use this Student Loan Calculator to estimate monthly payments, total interest, total repayment cost, payoff time, and potential savings from making extra monthly payments.
Important: This calculator estimates a standard fixed-payment loan. Actual student loan payments may differ depending on your loan type, repayment plan, interest rules, deferment, capitalization, and loan-servicer policies.
Student Loan Calculation Method
First convert the annual interest rate to a monthly rate:
Monthly rate = annual interest rate ÷ 12 ÷ 100
For a standard fixed-payment loan:
Monthly payment = P × r × (1 + r)n ÷ [(1 + r)n − 1]
Where:
- P = loan balance used for repayment
- r = monthly interest rate
- n = number of monthly payments
Total repayment = monthly payment × number of payments
Total interest = total repayment − starting repayment balance
If you enter an extra monthly payment, the calculator applies a larger payment to the balance each month to estimate a shorter payoff time and lower total interest.
Example
Suppose you have a $25,000 student loan at 6% annual interest with a 10-year repayment term.
Monthly rate = 6% ÷ 12 = 0.5%
Using the standard amortization formula:
Estimated monthly payment ≈ $277.55
Over 120 monthly payments:
Total repayment ≈ $33,306
Total interest ≈ $8,306
Adding an extra monthly payment can reduce both the payoff time and total interest, provided the extra amount is applied appropriately to the loan balance.
Important Notes
- Use the current balance and interest rate shown by your lender or loan servicer.
- A longer repayment term generally lowers the monthly payment but can increase total interest paid.
- Federal and private student loans may have different repayment and interest rules.
- Income-driven repayment plans do not use the simple fixed-payment formula shown above.
- Interest may continue to accrue during some grace, deferment, or forbearance periods.
- The calculator’s deferment projection is a simplified estimate; actual interest accrual and capitalization depend on the loan type and applicable rules.
- Extra payments can reduce interest and payoff time, but check how your servicer applies payments above the required amount.
- Fees, changing interest rates on variable-rate private loans, forgiveness programs, and future repayment-plan changes are not fully modeled.
For federal student loans, use the official Federal Student Aid repayment tools to compare repayment plans and confirm your actual payment options.