Student Loan Payment Calculator

Category: Finance
- April 22, 2025
| |

Calculate your monthly student loan payments, total interest, and see how extra payments can help you pay off your loans faster.

Loan Information

$
%

Extra Payments

$

Loan Options

%
Monthly Loan Payment Formula:
\[ PMT = P \times \frac{r(1 + r)^n}{(1 + r)^n - 1} \] Where:
  • PMT = Monthly loan payment
  • P = Loan amount (principal)
  • r = Monthly interest rate (annual rate á 12 á 100)
  • n = Total number of payments (loan term in months)

What Is the Student Loan Payment Calculator?

The Student Loan Payment Calculator is a loan payment tool that helps you estimate your monthly loan costs and understand the total amount you’ll repay over time. It's ideal for anyone with federal or private student loans who wants a clear monthly loan estimate, an interest and principal breakdown, and a view of how extra payments affect their loan payoff.

How to Use the Calculator

This loan estimator is easy to use and highly interactive. Here’s how you can calculate loan payments and make the most of its features:

  • Enter your current loan balance.
  • Input your annual interest rate.
  • Choose your loan term in years or months.
  • Select your repayment plan: Standard, Graduated, Extended, or Income-Based.
  • If using Income-Based, provide your annual income and family size.
  • Choose whether to include extra monthly payments and enter the amount.
  • Adjust for loan fees, grace period, and whether interest accrues during that period.
  • Click “Calculate Loan Payments” to view your monthly loan estimate, total interest, payoff date, and more.

What You’ll See After Calculating

Once you calculate, you’ll get:

  • Monthly Payment: Your regular payment based on your selected plan.
  • Total Payments: The total amount paid including interest.
  • Total Interest: The interest you'll pay over the life of the loan.
  • Estimated Payoff Date: When you’ll be debt-free.
  • Extra Payment Impact: See how adding even a small extra payment can save time and reduce interest costs.
  • Loan Amortization Details: View a month-by-month loan repayment schedule, including how much goes toward interest vs. principal.
  • Payment Breakdown Chart: Visualize your loan repayment with a clear bar chart.

Why This Calculator Is Useful

Understanding your student loans helps you plan better and avoid surprises. This calculator helps you:

  • Get quick loan payment estimates without spreadsheets or financial jargon.
  • Explore different repayment strategies and see which one fits your budget.
  • Plan a loan payoff strategy that reduces your total cost.
  • Track the benefits of making extra payments early in your loan term.
  • Make smart decisions based on a clear loan repayment guide and visual tools.

Frequently Asked Questions

Can I use this tool for private loans?

Yes. As long as you know your loan balance, interest rate, and term, this calculator works for both federal and private student loans.

What’s the difference between repayment plans?

- Standard: Fixed payments, usually over 10 years.
- Graduated: Lower payments that increase over time.
- Extended: Lower monthly costs spread over a longer term.
- Income-Based: Payments adjust based on your income and family size.

Does making extra payments really help?

Yes. Adding extra payments even occasionally can shorten your payoff timeline and reduce the total interest paid—this debt repayment tool makes it easy to see the impact.

How accurate are the results?

The results are reliable estimates, ideal for planning. Exact figures may vary depending on your lender’s policies and any changes to your repayment terms.

Explore More Financial Tools

This student loan calculator complements other popular tools like a personal loan estimate tool, a debt payoff planner, and a simple savings calculator. Whether you're comparing rates, checking an annual yield estimate with an APY calculator, or looking for a loan repayment guide, these tools can help build your financial strategy.