Student Loan Calculator
Estimate your monthly student loan payment and total interest, and see how extra payments shorten the loan.
Loan details
Monthly payment
$333.06
Fixed, equal payments
Total paid
$39,967
Over the full term
Total interest
$9,967
Without extra payments
Formula with your numbers
Monthly rate r = 6 / 12 / 100 and payments n = 10 x 12 = 120. Payment = $30,000 x r / (1 - (1 + r)^-n) = $333.06.
Total interest = total paid - loan amount = $39,967 - $30,000 = $9,967.
This is not financial advice.
Enter your loan amount, interest rate and repayment term to see the fixed monthly payment and the total interest you will pay. Add an extra monthly payment to see how much sooner you would be debt-free and how much interest you would save. This models a standard fixed-rate loan with equal monthly payments, so real loan terms can differ.
How This Calculator Works
The monthly rate is r = annual rate / 12 / 100, and the number of payments is n = years x 12. The monthly payment is M = P x r / (1 - (1 + r)^(-n)). For example, 30,000 at 6% over 10 years gives a monthly payment of 333.06, a total paid of 39,967, and total interest of 9,967. With an extra 100 each month, the loan is repaid in 86 months (7 years 2 months), with interest of 6,921, saving 3,046 in interest and 34 months.
Why Use This Calculator
- •See the fixed monthly payment and total interest before you borrow
- •Test how an extra monthly payment shortens the loan
- •Compare interest saved and time saved side by side
- •Review a year-by-year breakdown of principal and interest
Frequently Asked Questions
Does this work for every student loan?
It models a fixed-rate loan with equal monthly payments. Income-driven plans, grace periods, interest that accrues while you study and variable rates change the numbers, so check your lender's terms.
Should I pay extra each month?
Extra payments reduce the principal sooner and cut total interest, but first check for prepayment penalties and weigh it against priorities such as an emergency fund.
What is the difference between the interest rate and APR?
The rate is the cost of borrowing the principal, while APR includes certain fees. Enter the interest rate your lender states. If you only have the APR, the result is approximate.
Last updated: 2026-11-01
Source: Monthly payment M = P x r / (1 - (1 + r)^(-n)), r = annual rate / 12, n = years x 12. Extra payments simulated month by month. This is not financial advice.
Disclaimer: For information only. Not financial, tax or legal advice.