Student Loan Calculator
Use this student loan calculator to estimate monthly payments, total interest, and payoff timing for a federal or private student loan.
It uses common U.S.
student loan terminology and fixed-rate amortization assumptions for planning.
Add an optional extra monthly payment to see how payoff timing changes.
| Loan term | 10 years | |
|---|---|---|
| Extra monthly payment | $50 | |
| Total repayment | $38,892 |
| Month | Balance | Interest paid | Principal paid |
|---|---|---|---|
| 12 | $27,179.22 | $1,866.95 | $2,820.78 |
| 24 | $24,169.53 | $3,544.98 | $5,830.47 |
| 36 | $20,958.27 | $5,021.45 | $9,041.73 |
| 48 | $17,531.95 | $6,282.86 | $12,468.05 |
| 60 | $13,876.16 | $7,314.80 | $16,123.84 |
| 72 | $9,975.54 | $8,101.90 | $20,024.46 |
| 84 | $5,813.69 | $8,627.78 | $24,186.31 |
| 96 | $1,373.10 | $8,874.92 | $28,626.90 |
| 100 | $0.00 | $8,892.17 | $30,000.00 |
Assumptions
- This calculator assumes a fixed interest rate and equal monthly payments.
- Federal income-driven repayment plans are not modeled here.
- Extra monthly payments are applied directly to principal after scheduled interest is covered.
How this calculator works
Formula used
The monthly payment uses the standard amortizing loan formula based on loan amount, interest rate, and term. Extra monthly payments reduce the balance faster and lower total interest.
Example calculation
A $30,000 student loan at 6.5% for 10 years shows an estimated monthly payment, total interest cost, and payoff timeline, with optional extra-payment savings.
Student Loan Calculator FAQ
Is this student loan calculator exact?
It is an estimate for U.S. planning only. Your actual student loan payment can change based on school grading policies, lender disclosures, test scaling, fees, or other real-world details.
Who should use this student loan calculator?
Students, parents, and families can use it to compare scenarios, double-check classroom math, or plan for college and student loan decisions before using official school or lender tools.
Does this replace official records or advice?
No. Use your school transcript, official testing account, financial aid package, or lender statement for final decisions. These tools are educational planning calculators only.