Student Loan CalculatorFree online financial calculator — instant results, no sign-up
Monthly payment and cost of student loans.
Estimates only, based on the inputs and assumptions shown. This is not financial, investment, tax, or legal advice. Prices, rates and local rules may change; crypto scenarios do not predict returns. Confirm important decisions with a qualified professional.
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About the Student Loan Calculator
This calculator determines the monthly payment, cumulative total repayment, and overall interest charges for a fixed-rate student loan. It is designed for students, graduates, and parents planning repayment timelines across standard amortized terms.
- Loan balance
- The current outstanding principal balance of the student loan, in dollars (sensible range: $1,000 to $500,000).
- Rate
- The annual fixed interest rate, expressed as a percentage (sensible range: 1% to 15%).
- Term
- The total repayment duration in years (sensible range: 1 to 30 years, with 10 years being standard for federal loans).
Formula and method
M = P × [r(1 + r)^n] / [(1 + r)^n − 1] Total of payments = M × n Total interest = Total of payments − P
- MFixed monthly payment amount
- PLoan balance (principal)
- rMonthly interest rate, calculated as (Annual Rate / 100) / 12
- nTotal number of monthly payments (Term in years × 12)
The tool converts the annual loan term into months and the annual percentage rate into a monthly decimal interest rate. It then calculates the fixed monthly payment using standard amortization, computes the sum of all payments over the term, and subtracts the original principal to find total interest.
Worked example
These are the calculator's starting values and the results it actually produces for them.
Inputs
- Loan balance35000 $
- Rate6.5 %
- Term10 years
Results
- Monthly payment$397.42
- Total of payments$47,690.15
- Total interest$12,690.15
How to use the Student Loan Calculator
- 1Multiply the loan term in years by 12 to determine the total number of monthly payments (n).
- 2Divide the annual interest rate by 100, then divide by 12 to find the monthly interest rate (r).
- 3Calculate the fixed monthly payment (M) using the standard amortization formula.
- 4Multiply the monthly payment by total months to get the total of payments, then subtract the starting balance to calculate total interest.
Reading your result
The monthly payment shows the fixed amount owed each month to clear the debt over the selected term. Comparing the total interest against the starting loan balance shows the true financing cost of borrowing over time.
Limitations
This calculator assumes a fixed interest rate and equal monthly payments across the entire term. It does not account for variable interest rates, income-driven repayment plans, loan origination fees, grace periods, capitalization of unpaid interest, or prepayment adjustments.
Common questions
How does choosing a longer repayment term affect my loan?+
A longer repayment term reduces your monthly payment by spreading it over more months, but it significantly increases the total interest paid over the life of the loan.
Does this model income-driven repayment (IDR) plans?+
No, this calculator models standard fixed amortization. Income-driven repayment plans set monthly payments based on your income and household size rather than loan balance and term.
What happens if I make extra payments each month?+
Extra payments applied directly to principal reduce your outstanding balance faster, which shortens your payoff timeline and decreases the total interest paid compared to the calculated totals.
Does the calculator save my information?+
Calculations run in your browser. While signed in, inputs and results are automatically recorded in account history; saving a result creates a separate saved record.
Further reading
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Results are estimates for informational purposes and are not financial, medical or legal advice.