Student Loan Calculator
See what your student loan will cost. Enter the balance, interest rate and repayment term to get your monthly payment, total interest and a year-by-year schedule, then add an extra monthly payment to see how much sooner you could be debt-free.
10 years is the US federal standard plan
Optional, goes straight to principal
How to use the Student Loan Calculator
- Enter your loan balance: the total you still owe, or the sum of several loans.
- Enter the interest rate. For several loans, use the weighted average rate.
- Enter the repayment term in years (10 years for the standard US federal plan).
- Optionally add an extra payment per month to see interest and time saved.
- Press Calculate payment and review the yearly schedule and balance chart.
Student loan payment formula
M = P × r ÷ (1 − (1 + r)−n)
- P = loan balance when repayment starts
- r = monthly interest rate = APR ÷ 12 ÷ 100
- n = number of monthly payments = years × 12
- Total interest = M × n − P
Each month, interest = balance × r, and the rest of the payment reduces the balance. Early payments are mostly interest; later payments are mostly principal.
Monthly payment per $10,000 borrowed
| Interest rate | 10 years | 15 years | 20 years | 25 years |
|---|---|---|---|---|
| 4% | $101.25 | $73.97 | $60.60 | $52.78 |
| 5% | $106.07 | $79.08 | $66.00 | $58.46 |
| 6% | $111.02 | $84.39 | $71.64 | $64.43 |
| 7% | $116.11 | $89.88 | $77.53 | $70.68 |
| 8% | $121.33 | $95.57 | $83.64 | $77.18 |
Multiply by your balance in tens of thousands. For example, $30,000 at 6% over 10 years is about 3 × $111.02 = $333.06 a month.
Frequently asked questions
How is a student loan payment calculated?
Standard student loans are amortizing loans: payment = P × r ÷ (1 − (1 + r)^−n), where P is the balance, r the monthly rate (APR ÷ 12) and n the number of monthly payments. A $30,000 loan at 6.5% over 10 years costs about $340.64 a month.
How much interest will I pay on my student loans?
Total interest = monthly payment × number of payments − balance. In the example above that is about $10,877. Longer terms lower the payment but raise total interest.
Do extra payments help with student loans?
Yes. Extra money above the required payment reduces principal, so less interest builds up afterwards. Even $100 a month on a $30,000 loan at 6.5% cuts years off a 10-year plan and saves thousands. Ask your servicer to apply extra payments to principal.
How do I combine several student loans?
Add the balances together and use a weighted average rate: multiply each balance by its rate, add the results and divide by the total balance. This matches how federal consolidation sets its rate, before rounding up to the next 1/8 percent.
Does this include income-driven repayment plans?
No. Income-driven plans base the payment on your income and family size and may forgive a remaining balance. This calculator models a fixed-rate amortizing loan, like the standard plan or a private or refinanced loan.
Does interest accrue while I am in school?
Unsubsidized federal and most private loans accrue interest during school and grace periods, which may be added to the balance when repayment starts. Enter the balance you will owe when payments begin for the most accurate result.