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Student Loan Repayment Calculator

Estimate your student loan monthly payment, total repayment and total interest based on your balance, interest rate and repayment term.

Your Details

Overview

Use this student loan repayment calculator to estimate your monthly payment, total repayment and total interest. Enter your loan balance, annual interest rate, repayment term and any extra monthly payment to see how the cost of repayment may change over time.

How it works

This calculator uses a standard loan amortization approach. It converts the annual interest rate into a monthly rate, spreads repayment over the number of monthly payments in your chosen term, and estimates the standard monthly payment needed to repay the balance. Any extra monthly payment you enter is added to that amount, and the calculator then shows the estimated total repaid and interest paid over the selected term.

How to use this calculator

  1. 1Enter your current student loan balance.
  2. 2Add the annual interest rate for the loan.
  3. 3Choose your repayment term in years.
  4. 4Enter any extra amount you plan to pay each month.
  5. 5Review the estimated monthly payment, total repayment and total interest.

Example Calculation

Loan balance

$30,000

Annual interest rate

6%

Repayment term

10

Extra monthly payment

$50

Estimated monthly payment

$376

For a $30,000 student loan at 5.5% over 10 years with an extra $50 paid each month, the estimated monthly payment is about $376, with total repayment of about $45,120 and total interest of about $15,120.

Frequently asked questions

What does this student loan repayment calculator estimate?

It estimates your monthly payment, total repayment and total interest based on your loan balance, interest rate, repayment term and any extra monthly payment.

Does this calculator work for federal and private student loans?

It can be used for either as a general estimate, as long as you enter the correct balance, rate and repayment term. Actual loan rules may differ.

What happens if I add an extra monthly payment?

An extra monthly payment increases the amount you pay each month. In practice, extra payments can reduce interest and may shorten repayment, depending on your loan terms.

Is the interest rate fixed in this calculator?

Yes. This calculator assumes the interest rate stays the same for the full repayment term you enter.

Does this include fees or income-driven repayment plans?

No. It does not include fees, deferment, forbearance, changing rates or income-driven repayment plan rules.

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Assumptions and warnings

Assumptions

  • This calculator assumes fixed monthly payments over the full repayment term.
  • Interest is assumed to compound monthly using the rate you enter.
  • Results are estimates and do not include late fees, collection costs or repayment plan changes.
  • Extra monthly payments are treated as a consistent amount paid every month throughout the term.

Warnings

  • This calculator provides an estimate only and is not financial advice.
  • Actual student loan repayment terms, interest accrual and fees can vary by lender or loan program.