Student Loan Calculator - Monthly Payment and Total Interest
Free student loan calculator. Monthly payment, total interest and payoff date.
Tool Interface
Your Loan Summary
Balance Over Time
Yearly Amortization Schedule
Frequently Asked Questions
How is my monthly student loan payment calculated? +−
Monthly payments use the standard loan amortization formula: each fixed payment first covers that month's interest, and the remainder reduces the principal. A higher interest rate or a longer term means more total interest paid over the life of the loan.
How much can extra monthly payments save me? +−
Enter an extra amount in the 'Extra monthly payment' field to see the difference. Even 50 to 100 extra per month can save thousands in interest and cut years off a 10-year loan, because every extra dollar goes straight toward the principal.
What is the difference between subsidized and unsubsidized loans? +−
With subsidized federal loans, the government pays the interest while you are in school and during deferment. With unsubsidized loans, interest accrues from the day the loan is disbursed and is added to your balance if you do not pay it. This calculator models a fixed-rate loan balance, so check which type you hold when planning the exact payoff.
Should I pay off student loans early or invest instead? +−
Compare your loan interest rate with the return you expect from investing. Paying down a 7 percent loan is a guaranteed 7 percent return, while investing is uncertain but can build wealth faster over long periods. A common middle path is to make minimum payments, put extra money toward the highest-rate debt, and invest the rest.
Is my loan information private? +−
Yes. All calculations happen locally in your browser. Your loan amounts, interest rates, and balances are never uploaded or stored anywhere.
Rate this tool
About This Tool
About This Tool
The Student Loan Calculator estimates your monthly student loan payment, total interest and payoff date from your loan amount, interest rate and term. Add an optional extra monthly payment to see exactly how much interest you save and how many months sooner you become debt free. Everything is calculated instantly in your browser.
Key Features
- Monthly payment, total interest, total cost and payoff date
- Extra payment simulator with interest saved and time saved
- Visual balance-over-time chart comparing both plans
- Yearly amortization schedule with principal and interest breakdown
- Copy a text summary of your loan to share or save
- 100 percent client-side: no signup, no data sent anywhere
How to Use
- Enter your loan amount, annual interest rate and loan term in years.
- Optionally add an extra amount you can pay each month.
- Optionally set your first payment date for an exact payoff month.
- Click Calculate to see your summary, chart and full schedule.
Note: results are estimates. Actual loan terms, fees and interest calculations vary by lender.