Student Loan Calculator

Modify the values and click the Calculate button to use

Monthly Payment: $345.24

Repayment

Total Payments: $41,428.92
Total Interest: $11,428.92
Payoff Date: Nov 2036

72% Principal28% Interest

Amortization schedule

Year	Date	Interest	Principal	Ending balance
1	Nov 2027	$1,973.21	$2,169.69	$27,830.31
2	Nov 2028	$1,820.98	$2,321.91	$25,508.40
3	Nov 2029	$1,658.08	$2,484.82	$23,023.59
4	Nov 2030	$1,483.74	$2,659.15	$20,364.44
5	Nov 2031	$1,297.18	$2,845.72	$17,518.72
6	Nov 2032	$1,097.52	$3,045.37	$14,473.35
7	Nov 2033	$883.86	$3,259.03	$11,214.32
8	Nov 2034	$655.20	$3,487.69	$7,726.63
9	Nov 2035	$410.51	$3,732.38	$3,994.25
10	Nov 2036	$148.65	$3,994.25	$0.00

Balance, interest, and payments over time

Balance
Interest
Payments

Repayment

Repayment:	$345.24/month
Monthly payment	$345.24
Total payments	$41,428.92

What this student loan calculator does

This calculator estimates the monthly payment, total payments, total interest, payoff date, and amortization schedule for a fixed-rate student loan in repayment.

This version calculates principal and interest only. It does not model income-driven repayment, deferment, grace periods, extra payments, or loan forgiveness.

How to use this calculator

Enter the loan balance.
Enter the annual interest rate.
Enter the repayment term in years and months.
Choose the month repayment starts.
Click Calculate to see the monthly payment and amortization schedule.

Student loan payment formula

The monthly payment for a fixed-rate loan is:

M = P × r × (1 + r)^n / ((1 + r)^n − 1)

P is the loan balance, r is the monthly interest rate, and n is the number of monthly payments. For a zero-interest loan, the monthly payment is P / n.

What the results include

Monthly payment: the scheduled principal and interest payment.
Total payments: the sum of all scheduled payments.
Total interest: the cost of borrowing over the repayment term.
Payoff date: the month of the final scheduled payment.
Amortization schedule: annual and monthly views, plus a balance chart.

Frequently asked questions

Does this calculator include income-driven repayment?

No. It models a fixed monthly payment over a fixed term. Income-driven plans can change the payment amount and term.

What about deferment or grace periods?

This version assumes repayment starts immediately. Deferment, grace periods, and interest that accrues during those periods are not modeled.

Can I make extra payments?

This version shows the scheduled payment only. Extra payments can shorten the term and reduce interest, but they are not included.

Does it include federal loan forgiveness?

No. Loan forgiveness, cancellation, and repayment assistance programs are not included.

Reference table

Repayment timeline examples

To Graduate In	years
2-year program	2
4-year program	4
5-year program	5
6-year program	6

The "to graduate in" input shifts the start of repayment. Interest may accrue during school depending on the loan type.

Source

References:

Disclaimer

This calculator is for informational and planning purposes only. It is not financial advice or a guarantee of repayment terms. Federal and private student loans have different rules. Confirm your options with your loan servicer or a qualified financial professional.

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