Student Loan Calculator
Estimate the monthly payment on a student loan under standard repayment, then see how an extra payment each month shortens the term and cuts the total interest. Enter your balance, interest rate and the length of the plan to get the full picture.
How to use the student loan calculator
- Enter your loan balance and the annual interest rate.
- Set the repayment term, in years or months.
- Add an optional extra monthly payment to see the interest and time you save.
Examples
$30,000 at 6% over 10 years
Balance 30000, rate 6%, term 120 months
Monthly payment about $333, total interest about $9,967
Adding $100 extra each month
Same loan, plus $100 a month
Paid off years early, saving roughly $3,000 in interest
Frequently asked questions
How is the student loan monthly payment calculated?
It uses the standard amortization formula. The annual rate is divided by 12 for a monthly rate, then the payment is set so equal monthly amounts repay the balance plus interest over the term you enter.
How does an extra payment help pay off a student loan faster?
Interest is charged on the outstanding balance, so any amount above the standard payment goes straight to principal. That shrinks the balance sooner, which means fewer months and less total interest. The calculator shows both figures.
Does this handle federal and private student loans?
Yes for any fixed-rate loan on a standard schedule. Enter the balance, the fixed annual rate and the term. It does not model income-driven plans, variable rates, loan forgiveness or capitalized interest during deferment.
What interest rate and term should I use?
Use the rate from your loan servicer and the length of your repayment plan. Many standard plans run 10 years (120 months), but extended plans can be longer. A longer term lowers the payment but raises the total interest.
Why does total interest go down when I pay more?
Because you stop paying interest sooner. Clearing the balance in fewer months means fewer months of interest charges, so even a small fixed extra payment can save a meaningful amount over the life of the loan.
Is this calculator free and private?
Yes. It is free to use and runs entirely in your browser, so the balances and rates you enter are never uploaded or stored.
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