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Student Loan Payment Calculator

Student loan calculator — estimate monthly student loan payment, total interest, and the impact of extra payments on payoff time.

Uses the same standard amortization formula servicers use for fixed-rate federal and private student loans.

$
%
yr
$
Monthly payment
$397
Scheduled $397/mo · payoff in 10 yr · total interest $12,690
Total of payments
$47,690
Total interest
$12,690
Interest saved by extra
$0
Time saved
—
Explain this result

Turn the numbers above into plain-language takeaways. Educational only — not financial advice.

Save & Compare Scenarios

Save the current inputs under a name, then reload or compare them side by side. Scenarios stay on this device only.

Overview

How the Student Loan Payment Calculator Works

Student loans use the same amortization math as a mortgage — but the term and rate combinations vary widely between federal subsidized, unsubsidized, PLUS, and private loans. This calculator estimates a standard repayment schedule and shows how much an extra monthly payment can shrink both the term and the total interest you'll pay.

Formula

The Math Behind the Calculator

Monthly payment M = P × r / (1 − (1 + r)^−n), where P is balance, r is monthly rate (APR ÷ 12), n is total payments (years × 12). Extra payments reduce the balance immediately each month, shortening n and the total interest.

Example

A Worked Example

A $35,000 loan at 6.5% on a 10-year standard plan: about $397/mo, total interest ≈ $12,700. Adding $100/mo extra cuts payoff to about 7 years 7 months and saves around $3,400 in interest.

How to use

How to Use the Student Loan Payment Calculator

  1. 1Enter the current loan balance (or the original disbursed amount if you haven't started repaying).
  2. 2Use the interest rate from your most recent statement — federal rates are fixed for the life of the loan.
  3. 3Standard term is 10 years for federal loans; private loans often run 5–20 years.
  4. 4Add an optional extra monthly payment to see the interest you'd save.
Interpretation

What the Results Mean

  • Scheduled payment is what the servicer bills you each month under the standard plan.
  • Actual payment includes any extra you commit to.
  • Interest saved and months saved show the lifetime benefit of paying extra.
Keep exploring

Smart Next Steps

What to explore next
Avoid

Common Mistakes to Avoid

  • Forgetting that federal income-driven plans change the monthly payment formula entirely.
  • Paying extra without instructing the servicer to apply it to principal — otherwise it advances your next due date.
  • Comparing offers by monthly payment instead of by APR and total interest.
Keep going

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FAQ

Frequently Asked Questions

Does this work for federal and private loans?+

Yes for standard fixed-rate repayment. Income-driven federal plans (SAVE, IBR, PAYE) use different formulas and aren't modeled here.

How do I make sure extra payments go to principal?+

Most servicers default extra payments to advance the next due date. Log in or call to specifically request 'apply extra to principal'.

Should I pay extra or invest?+

Compare your loan APR to a realistic investment return. Above ~6% APR, paying extra usually wins; below, investing may make more sense.

Financial Disclaimer

This calculator is for educational and estimation purposes only. It does not provide financial, mortgage, tax, investment, or legal advice. Actual rates, payments, taxes, fees, insurance costs, eligibility, and loan terms vary by lender, location, credit profile, and market conditions. Always compare official offers and consult a qualified professional before making financial decisions.

Last updated June 2026 · Prepared by the mCalculator Editorial Team