Student Loan Calculator
Enter your balance, interest rate and repayment term to see your monthly payment and total cost, then test extra payments to see how much interest you can save.
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Estimate the monthly payment, total interest and payoff date for a fixed-rate student loan, and the effect of paying extra each month.
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How a student loan payment is calculated
Most student loans on a standard repayment plan work like any fixed-rate installment loan: you repay the balance in equal monthly payments over a set term, and each payment covers that month’s interest plus part of the principal. The payment is P × r ÷ (1 − (1 + r)−n), where P is the balance, r the monthly rate (annual rate ÷ 12) and n the number of months. This calculator models that standard plan. Income-driven plans, deferment and forgiveness work differently, so use your servicer’s figures for those.
Example payments on a $30,000 balance
| Rate | Term | Monthly payment | Total interest |
|---|---|---|---|
| 5.5% | 10 years | $326 | $9,069 |
| 6.5% | 10 years | $341 | $10,877 |
| 6.5% | 20 years | $224 | $23,681 |
| 8% | 10 years | $364 | $13,678 |
Ways to pay off student loans faster
- Pay a little extra each month: use the extra payment box above to see the effect. Ask your servicer to apply it to the principal.
- Target the highest rate first: if you have several loans, extra money saves the most interest on the one with the highest rate.
- Pay interest during school or deferment if you can, so it does not capitalize into the balance.
- Refinancing a private loan at a lower rate can cut interest, but refinancing federal loans into a private loan gives up federal protections.
Figures are estimates for a fixed-rate loan with monthly payments; your servicer’s statement is what counts. This is not financial advice. See also the loan calculator with amortization schedule and the personal loan calculator.
How to use the student loan calculator
- Enter your loan balance, interest rate and repayment term (10 years is the standard federal term).
- Add an optional extra monthly payment.
- Read the monthly payment, total interest and, with extra payments, the new payoff time and interest saved.
Frequently asked questions
How do I calculate my monthly student loan payment?
Use P × r ÷ (1 − (1 + r)^−n), where r is the annual rate ÷ 12 and n is the number of months. $30,000 at 6.5% over 10 years is about $341 a month, with about $10,877 in total interest.
How much interest can I save by paying extra?
Enter the extra amount in the calculator. For example, +$100 a month on $30,000 at 6.5% over 10 years saves about $3,347 in interest and shortens repayment by about 34 months.
Does this work for federal and private student loans?
Yes, for a fixed-rate loan on a standard repayment plan. Income-driven repayment, graduated plans and forgiveness programs change the payment, so check with your servicer.
Is it better to pay extra on the principal?
Yes. Extra money applied to principal reduces the balance that interest is charged on. Tell your servicer to apply extra payments to principal rather than to future installments.
Should I refinance my student loans?
It can lower your rate if you have good credit, but refinancing federal loans with a private lender means losing federal benefits such as income-driven plans and forgiveness options. Compare offers before you decide.
Related tools: Loan calculator · Personal loan calculator · Debt payoff calculator · Debt-to-income calculator