Student Loan Calculator
Enter a balance, an interest rate, and a repayment term to see your monthly payment and the total interest you will pay over the life of the loan.
Know the cost before you borrow
A loan’s monthly payment is only half the story. Two loans with the same monthly payment can cost thousands of dollars apart once you add up the interest across their terms. Reducing a loan to one honest monthly number and one total-interest number lets you compare offers, decide how long a term you can live with, and see what a lower rate is actually worth.
Pair this with the Loan Payoff Estimator to see how extra payments cut the interest, and the Student Loan Refinance Comparison to check whether a new rate would be worth it.
Frequently Asked Questions
How is my monthly student loan payment calculated?
The calculator uses the standard amortization formula for a fixed-rate loan: your balance, the monthly interest rate (the annual rate divided by twelve), and the number of payments (years times twelve) combine into one equal monthly payment. Each payment covers that month's interest first, and the rest reduces the balance, so early payments are mostly interest and later ones mostly principal. A 0% loan simply splits the balance evenly across the months.
Why does the total interest look so high?
Interest accrues on the balance every month for the whole term, so a longer term means more months of interest even at the same rate. Stretching a loan from ten to twenty years lowers the monthly payment but can nearly double the total interest. The 'total interest' line is everything you pay above the original balance — seeing it in one number is often the strongest argument for a shorter term or extra payments.
Does this handle variable rates, fees, or capitalized interest?
No. It assumes a single fixed rate and equal payments for the whole term. Variable-rate loans reset over time, origination fees raise the effective cost, and interest that capitalizes after a grace period or deferment adds to the balance you repay. Those can all push the real cost above this estimate, so treat the result as a clean baseline and check your actual loan disclosure for the specifics.
Is this financial advice?
No. This is an educational estimate built from the numbers you enter and standard loan arithmetic. It does not know your credit, your other debts, your income, or the difference between federal and private loan protections. Confirm any figure that affects real money with your lender or loan servicer, and speak to a qualified financial professional before making a borrowing decision.
Estimates only, based on a fixed rate and the figures you enter. Not financial advice — confirm anything material with your lender, servicer, or a qualified professional.