Student Loan Calculator
Find your monthly student loan payment and total interest, and see how extra payments help you pay it off sooner.
Results
| Item | Value |
|---|
Quick Answer
A $30,000 student loan at 6.5% over 10 years costs about $340.64 a month and $10,877.27 in interest. Paying an extra $100 a month clears it in 7 years, 2 months and saves about $3,346.98 in interest.
Embed this calculator
Adjust the size if needed, then copy the code below into your page or blog. The calculator will load in an iframe and stay updated automatically.
Table of Contents
How This Student Loan Calculator Works
Enter your balance, rate and repayment term to see the standard monthly payment. Add an extra monthly amount to see how much sooner you finish and how much interest you save.
Quick explanation: each month, interest is added and your payment is taken off. Extra money goes straight to the balance.
- Standard plan: US federal loans default to 10 years.
- Several loans: use your total balance and an average rate for a rough figure.
- Extra payment: ask your servicer to apply it to the principal.
Core Formulas
- Monthly rate: r = interest rate ÷ 12
- Monthly payment: M = P × r ÷ (1 − (1 + r) ^ −n)
- Total interest: M × n − P
- With extra payments: each month, new balance = balance × (1 + r) − (M + extra)
P is the balance and n is the number of months.
Worked Example
You owe $40,000 at 5.5% on a 10-year plan.
- Number of months = 120
- Monthly payment = $434.11
- Total interest = $12,092.61
- Total paid = $52,092.61
What Can Change Your Payment
- Repayment plan: income-driven plans base payments on your income.
- Variable rates: some private loans change rate over time.
- Interest while in school: unpaid interest may be added to the balance.
- Refinancing: a lower rate can cut costs, but federal benefits may be lost.
Frequently Asked Questions
It uses your balance, monthly interest rate and number of months in the standard loan payment formula.
For US federal student loans, the standard plan is up to 10 years.
Yes. Extra money lowers the balance faster, so you pay less interest and finish sooner.
Yes, for a rough figure. Enter the total balance and an average rate, or check each loan on its own.
No. Those plans use your income and family size. See StudentAid.gov for them.
References & Sources
| Source | Used For | Link |
|---|---|---|
| Federal Student Aid, Repayment plans | US federal repayment plan options. | https://studentaid.gov/manage-loans/repayment/plans |
| Consumer Financial Protection Bureau, Repay student debt | Help with student loan repayment. | https://www.consumerfinance.gov/paying-for-college/repay-student-debt/ |