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Student Loan Calculator
Find the monthly payment, total interest and the savings from an extra monthly payment.
Student loan calculator
Monthly payment: —
Total interest: —
With the extra payment: —
Interest then: — · Saved: —
—
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How to use the Student Loan Calculator
- Enter the loan balance, the annual interest rate and the term in years.
- Add any extra amount you could pay each month.
- Read the payment, total interest and the interest saved by paying extra.
Features
- Monthly payment from balance, rate and term
- Total interest over the full term
- Extra payment payoff time and savings
- Clear table comparing the two scenarios
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Frequently Asked Questions
Common questions about the free online student loan calculator.
With the amortisation formula, A = P x i / (1 - (1 + i) ^ -n), where P is the balance, i the
monthly rate and n the months.
Total interest is the monthly payment multiplied by the number of payments, minus the
original balance you borrowed.
Even 50 extra a month usually clears a student loan years early and saves a large share of
the interest, as the table shows.
Extra money goes straight to principal, so every later month charges interest on a smaller
balance, which compounds the saving.
Federal undergraduate loans are usually fixed, while private loans vary. Enter the rate on
your own statement for the best answer.
No. It models a fixed rate loan with level payments, so income driven repayment and
forgiveness need a separate estimate.
Compare the new rate and term in this tool. A lower rate helps, but check whether you lose
income driven or forgiveness options.
The tool simulates every month, adding the extra amount to the payment until the balance
reaches zero, then counts the months.
No. Only principal and interest are modelled, so add any origination or servicing fees to the
balance before you start.
Last updated: October 10, 2026