Student Loan Calculator
Calculate student loan monthly payments, total interest, and payoff time, and see how extra payments save money.
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Frequently asked questions
- How is my student loan monthly payment calculated?
- The calculator uses the standard amortization formula on your loan amount, interest rate, and repayment term to produce a fixed monthly payment covering principal and interest. Enter your numbers to see the payment, total interest, and payoff time.
- How much do extra payments save on student loans?
- Adding an extra monthly amount sends more money to principal, which shortens the payoff time and cuts total interest. The calculator runs a second scenario with your extra payment so you can see the reduced interest and faster payoff.
- What repayment term should I choose?
- Standard student loan terms are often around 10 years, but extended plans can run 20 to 25 years with lower monthly payments and much more total interest. Try different terms to balance affordability against lifetime cost.
- Does this account for grace periods or interest capitalization?
- No. This is a straightforward amortization estimate. Grace periods, deferment, subsidized interest, and capitalization at repayment start can change your real balance. Check your loan servicer's terms for the exact figures.
- Does it work for federal and private loans?
- Yes, for the core math. Enter the balance, rate, and term for either type. Note that federal loans may offer income-driven plans and forgiveness that a fixed-payment calculator does not model.