Student Loan Calculator
Estimate the monthly payment on a student loan and see the full cost over time. Enter your balance, interest rate, and repayment term, and the calculator shows your payment, the total interest you will pay, and your payoff date — plus a year-by-year repayment schedule.
Add an optional extra monthly payment to see how much faster you clear the loan and how much interest you avoid. Because every extra dollar goes straight to principal, even a modest amount each month can shave years off the standard 10-year plan.
The Standard federal repayment plan is 10 years. A longer term lowers the monthly payment but raises the total interest you pay.
Monthly payment
$340.64
over 10 years
- Total interest
- $10,877
- Total cost
- $40,877
- Payoff time
- 10y
Paying $50/mo extra
- Interest saved
- $1,985
- Paid off sooner
- 1y 8m
- New payoff time
- 8y 4m
Repayment schedule (yearly)
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $2,203 | $1,885 | $27,797 |
| 2 | $2,350 | $1,738 | $25,447 |
| 3 | $2,507 | $1,580 | $22,940 |
| 4 | $2,675 | $1,412 | $20,264 |
| 5 | $2,855 | $1,233 | $17,410 |
| 6 | $3,046 | $1,042 | $14,364 |
| 7 | $3,250 | $838 | $11,114 |
| 8 | $3,467 | $620 | $7,647 |
| 9 | $3,700 | $388 | $3,947 |
| 10 | $3,947 | $140 | $0 |
Calculation Formulas
P is your loan balance, r is the monthly interest rate (APR ÷ 12), and n is the number of payments (years × 12). This is the standard amortization formula loan servicers use for fixed-rate student loans.
Example:
A $30,000 balance at 6.5% over the standard 10-year term works out to about $341 per month.
Paying more than the scheduled amount reduces the principal early, which removes all the future interest that principal would have accrued — so a small extra amount each month can shorten the loan by months or years.
Key Figures
| Figure | Value | Description |
|---|---|---|
| Standard repayment term | 10 years | The default federal Direct Loan repayment plan; the fastest of the standard options and the least total interest. |
| Interest capitalization | Assumes none | This models a single fixed balance and rate; it does not add unpaid interest to principal, which can happen after deferment or forbearance. |
Note: Results are estimates for planning purposes. Rates, fees, taxes, and insurance vary by lender and location — confirm exact figures with a licensed professional before making financial decisions.
Standards & Sources
Last verified: August 2026
- Fixed-rate amortization
Federal student loans carry a fixed rate for the life of the loan, so the monthly payment on a standard plan is constant — the same math behind our mortgage and personal-loan calculators.
- Federal vs. private, and income-driven plans
This calculator estimates a standard fixed-payment plan. Federal income-driven repayment (IDR) plans instead set payments as a share of discretionary income and can lead to forgiveness — those follow different rules not modeled here.
- Estimate only
Results assume a single balance, a fixed rate, and on-time payments with no capitalized interest, deferment, or fees. Check your loan servicer for your exact payoff figures.
How to Use This Calculator
- Enter your current student loan balance and its interest rate (APR).
- Choose a repayment term — the federal Standard plan is 10 years.
- Optionally add an extra monthly payment to see the interest and time you would save.
- Read your monthly payment, total interest, and payoff date, then review the year-by-year schedule.
Frequently Asked Questions
How is my student loan payment calculated?
A standard student loan uses fixed-rate amortization: M = P · r · (1 + r)^n / ((1 + r)^n − 1), where P is your balance, r is the monthly rate (APR ÷ 12), and n is the number of months. The payment stays the same each month, but the split between principal and interest shifts over time.
How can I pay off my student loans faster?
Paying more than the minimum is the most direct way — every extra dollar goes straight to principal and erases the future interest it would have accrued. Enter an extra monthly amount above to see exactly how many months you save and how much interest you avoid.
What is the standard student loan repayment term?
The federal Standard Repayment Plan is 10 years (120 fixed payments). It has the highest monthly payment of the standard options but the lowest total interest. Extended and graduated plans stretch payments over up to 25 years, lowering the monthly amount but increasing total interest.
Does this calculator cover income-driven repayment (IDR)?
No — this models a standard fixed-payment plan. Income-driven plans set your payment as a percentage of discretionary income, recalculate it each year, and can forgive the remaining balance after 20–25 years, so their totals work very differently. Use this tool for standard, extended, or private fixed-rate loans.
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