Student Loan Calculator
Estimate monthly payments on a student loan.
Results update as you type.
How it works
The monthly payment shown here is what it takes to repay a student loan in full over a chosen term at a given interest rate, along with the total you will repay and how much of that is interest. It matters because student debt is often a borrower's first large loan, and understanding the monthly commitment and lifetime cost upfront helps you choose a repayment plan and avoid surprises. This student loan calculator converts your annual rate to a monthly rate, counts the number of monthly payments in the term, and uses the standard amortization formula to find the level payment that clears the balance exactly by the end, then reports the total repaid and the interest portion. Amortization is the right model because each payment covers that month's interest first and applies the rest to principal, so early payments chip away slowly and later ones faster — the same way federal and private student loans actually work under a standard plan. Borrowers use it to budget for repayment, to compare a standard 10-year term against longer plans, and to see how extra payments or a lower rate reduce the total interest. A longer term lowers the monthly payment but increases total interest substantially, while paying more than the minimum shortens the payoff and saves interest. This models a standard fixed repayment; income-driven plans, deferment, subsidized interest and loan forgiveness follow different rules, so check your loan servicer's terms for your specific situation.
Payment = L × r ÷ (1 − (1 + r)^−N), r = annual rate ÷ 12, N = years × 12
L is the loan balance, r is the monthly interest rate (the annual rate divided by 12), and N is the number of monthly payments (years times 12). The factor (1 − (1 + r)^−N) is the present value of a stream of N equal payments; dividing L × r by it gives the fixed monthly payment whose payments, discounted back, exactly equal the loan today, so the balance amortizes to zero. When the rate is zero, the payment is just the balance split evenly across the N months, with no interest added.
Source:Loan amortization formula
We review all our tools from time to time to ensure accuracy.
Worked example
How to use this calculator
- 1
Enter your values
Enter loan amount, annual interest rate and repayment term.
- 2
Adjust the options
Fine-tune any options to match your situation.
- 3
Read your result
Monthly payment updates instantly as you type — no button to press.
Frequently asked questions
What is a typical student loan term?
The standard repayment term for federal student loans is 10 years, and it is the plan that minimizes total interest for most borrowers. Extended and graduated plans stretch payments over 20 to 25 years, lowering the monthly amount but sharply raising total interest. Income-driven plans set payments as a share of your income and can lead to forgiveness after a set period. This calculator models a fixed-term standard plan; enter the term your servicer offers to estimate that plan's payment.
Should I choose a longer term to lower my payment?
A longer term does reduce the monthly payment, which can ease a tight budget, but it significantly increases the total interest you pay because the balance is outstanding for more years. If cash flow is the immediate problem, a longer or income-driven plan can help, but if you can afford the standard payment, the shorter term saves far more money overall. Compare the monthly payment against the total interest in this tool before committing to a longer schedule.
How does interest accrue on student loans?
Interest accrues daily on your outstanding principal at your loan's rate. Under a standard plan, your fixed monthly payment covers the accrued interest first, and the remainder reduces principal, so early payments are more interest-heavy. On unsubsidized and private loans, interest also accrues while you are in school and during deferment, and unpaid interest may be capitalized — added to principal — which increases the balance you pay interest on. Subsidized federal loans do not accrue interest while you are enrolled at least half-time.
Can I pay off my student loan early?
Yes, federal and most private student loans have no prepayment penalty, so paying extra reduces your principal and the interest that accrues on it, shortening the payoff and cutting total interest. To make extra payments count against principal rather than future interest, tell your servicer to apply them that way. Even small additional amounts each month can save a meaningful sum over the life of the loan. Re-run this tool with a shorter term to see the effect of paying faster.
What is the difference between subsidized and unsubsidized loans?
With a subsidized federal loan, the government pays the interest while you are in school at least half-time, during the grace period, and in deferment, so the balance does not grow during those times. With an unsubsidized loan, interest accrues from the moment the loan is disbursed, including while you study, and any unpaid interest can be capitalized into the principal. That difference makes subsidized loans cheaper overall. Both types use the same amortization math once repayment begins.