Student Loan Calculator: Monthly Payment, Interest and Payoff
A student loan calculator estimates the monthly payment and total interest for a loan with a fixed balance, interest rate, and repayment term. Use it to compare repayment lengths or understand the cost of borrowing before accepting or refinancing education debt.
Quick answer
For a fixed-rate installment loan, a longer term generally lowers the required monthly payment but increases total interest. Federal repayment plans can use different rules, so this is a standard amortization estimate.
At a glance
- What it calculates
- Estimate a student loan payment, total repayment, and interest cost for a fixed-rate repayment plan.
- Who it is for
- US borrowers and parents comparing standard repayment, extra payments or refinancing on federal and private student loans.
- Coverage
- United States (federal rules; state and local rules vary)
- Data and assumptions
- A fixed interest rate, level monthly amortisation, no capitalised interest during study and no income-driven or forgiveness rules.
- Cost
- Free, no signup, calculations run in your browser
- Last reviewed
- 2026-07-09
Calculator
How to use this calculator
- Enter the current student loan balance.
- Add the interest rate and standard repayment term.
- Enter an optional extra monthly payment.
- Compare payment, payoff time, and interest.
Explanation
What it is
A student loan calculator estimates the monthly payment and total interest for a loan with a fixed balance, interest rate, and repayment term. Use it to compare repayment lengths or understand the cost of borrowing before accepting or refinancing education debt.
How it works
The scheduled payment uses fixed-rate amortization. The payoff simulation applies monthly interest and then subtracts the scheduled payment plus any extra amount until the balance reaches zero.
When to use it
Use it when comparing repayment terms, deciding whether to make extra payments, or checking what a refinance would change.
Limitations
- Income-driven plans, PSLF and forgiveness programs are not calculated.
- Interest capitalisation during deferment and grace periods is not modelled.
- Federal rates are set annually and differ by loan type and disbursement date.
Key terms
- Principal
- The unpaid amount borrowed before future interest.
- Fixed interest rate
- A rate that does not change during the stated term.
- Amortization
- Repaying principal and interest through scheduled installments.
- Extra payment
- Money paid above the required amount, usually applied to principal when allowed.
Formula
The scheduled payment uses fixed-rate amortization. The payoff simulation applies monthly interest and then subtracts the scheduled payment plus any extra amount until the balance reaches zero.
Worked example
A $30,000 loan at 6.5% over 10 years has a scheduled payment of roughly $341. Adding $50 a month reduces the payoff time and total interest.
FAQ
How much is the monthly payment on a $30,000 student loan?
It depends on the rate and term. At 6.5% over 10 years, the standard fixed payment is about $341 per month.
Should I pay extra on student loans?
Extra payments can reduce interest and payoff time, but compare that benefit with emergency savings, employer matches, and any forgiveness eligibility.
Does this work for income-driven repayment?
No. Income-driven federal plans calculate payments from income and household information, not only balance, rate, and term.
Do student loans compound daily?
Many loans accrue simple interest daily, while this planning tool uses a monthly amortization approximation. Servicer results can differ slightly.
Can I use this for refinancing?
Yes for a fixed-rate refinance estimate, but include fees and consider any federal benefits that may be lost by refinancing into a private loan.
How do Parent PLUS loan payments work?
A Parent PLUS loan is a fixed-rate federal loan repaid by the parent borrower, normally over 10 years on the standard plan. Enter the balance and rate here to estimate the payment; Parent PLUS loans have a disbursement fee and limited income-driven options.
How much is the monthly payment on a $50,000 student loan?
At 6.5% over 10 years, a $50,000 balance costs about $568 a month and roughly $18,100 in total interest. Extending to 20 years lowers the payment to about $373 but more than doubles the interest.
Common mistakes
- Refinancing federal loans privately and losing income-driven repayment, forgiveness and forbearance.
- Ignoring interest that accrued and capitalised during study or deferment.
- Assuming a single blended rate when loans were disbursed at different rates.
- Making extra payments without instructing the servicer to apply them to principal.
Tips
- Compare total interest across terms, not just the monthly payment.
- Direct extra payments to the highest-rate loan and confirm the servicer applies them to principal.
- Check income-driven repayment before refinancing federal loans, because refinancing is irreversible.
- Include the loan fee when comparing federal and private borrowing costs.
Sources and editorial review
Educational estimates only; not personalized financial, tax, legal, lending, investment, or insurance advice.