Student Loan Calculator
Find the monthly payment, total interest, and payoff date on a student loan, and see how much paying extra each month saves.
Loan details
Add an amount you would pay on top of the required payment each month to see how much time and interest it saves. Everything runs in your browser. Nothing is uploaded.
Figures cover principal and interest only and exclude origination fees, capitalized interest, and periods of deferment. Results are plain numbers without a currency symbol. Confirm exact amounts with your loan servicer.
How to calculate student loan payments
Enter the loan details
Type the balance you owe, the annual interest rate, and the repayment term in years.
Add an optional extra payment
Enter any amount you can pay on top of the required payment each month to see the loan clear sooner.
Read the results
The monthly payment, total interest, payoff date, and the time and interest saved update instantly as you type.
Why use this tool
Extra payment savings
Add an amount on top of the required payment and the calculator shows exactly how many months sooner the loan is gone and how much interest that saves.
Payoff date, not just a payment
Alongside the monthly payment you get the total interest, the total of every payment, and an estimated date the balance reaches zero.
Handles 0% and stalled loans
A zero interest rate divides the balance evenly across the term, and a payment too small to cover the interest is flagged instead of returning a broken number.
No currency assumptions
Results are plain numbers without a symbol, so the same math works for federal loans, private loans, dollars, pounds, or euros.
Private by default
Loan figures are sensitive. Everything is calculated on your device and nothing is uploaded, stored, or logged.
About this tool
This student loan calculator turns three numbers, the balance you owe, the annual interest rate, and the repayment term, into the fixed monthly payment that clears the loan on schedule. It uses standard amortization: every payment is the same size, but interest is charged on the balance still outstanding, so early payments are mostly interest and only a thin slice of principal. As the balance falls the interest share shrinks and more of each payment goes to the debt itself. The result also shows the total interest over the life of the loan and the total of every payment combined.
The extra payment field is where the tool earns its keep. Enter an amount you can add on top of the required payment each month and it re-runs the schedule to show how much sooner the loan is gone and how much interest that saves, often years and thousands off a standard ten-year plan. A payoff date estimates when the final payment lands. A 0% rate is valid input and spreads the balance evenly across the term, and if a payment is ever too small to cover the interest that accrues, the tool warns you the balance would never be paid off instead of showing a broken number.
The same math fits federal and private fixed-rate student loans. For a general version see the loan calculator, and to model money that grows rather than money owed, try the compound interest calculator. Figures cover principal and interest only, so treat them as estimates. Every number is worked out on your device and nothing is uploaded.
Frequently asked questions
- How is the monthly payment calculated?
- It uses the standard amortization formula with monthly compounding: the balance times the monthly rate, divided by one minus (1 plus the monthly rate) raised to the power of minus the number of payments. At a 0% rate the balance is simply divided by the number of payments.
- How does an extra monthly payment help?
- Every extra amount goes straight to the balance, which lowers the interest charged next month and pulls the payoff date forward. The calculator re-runs the whole schedule with the higher payment and reports the months and interest you save compared with the required payment alone.
- What if the payment is too small to pay off the loan?
- If a monthly payment does not cover the interest that accrues, the balance grows instead of shrinking and the loan would never be paid off. Rather than showing a broken figure, the tool detects this and tells you to raise the payment by shortening the term or adding extra.
- Does it work for federal and private student loans?
- Yes, for any fixed-rate loan. Federal and private student loans, and other amortized loans, all follow the same math. Variable-rate loans, income-driven plans, and interest that capitalizes during deferment do not fit this simple model.
- What costs does the calculator leave out?
- It covers principal and interest only. Origination fees, interest that capitalizes during school or deferment, and forgiveness programs are not modeled, so treat the output as an estimate and confirm exact amounts with your loan servicer.
- Is my loan information private?
- Yes. The balance, rate, term, and extra payment never leave your device. All calculations run in your browser and nothing is uploaded, stored, or logged.
Related tools
Loan Calculator
Work out the monthly payment, total interest, and full amortization schedule for any fixed-rate loan.
Compound Interest Calculator
Project how a balance grows with compound interest and monthly contributions, year by year.
Mortgage Calculator
Work out your monthly mortgage payment, with property tax and home insurance folded in, plus the total interest and total cost over the life of the loan.
401(k) Calculator
Project your 401(k) balance at retirement from your contributions, employer match, and expected return, year by year.
Amortization Schedule Calculator
Build a full payment-by-payment schedule for any fixed-rate loan, with the payoff date and the interest you save by paying extra.
APY Calculator
Turn a nominal rate and compounding frequency into the true annual percentage yield, project a balance, or reverse solve the rate.