Estimate your monthly payment, total interest, and total repaid on federal or private student loans.
Estimates only — not financial advice. Verify with your lender/advisor.
A student loan calculator estimates your monthly payment by spreading your balance plus interest evenly across the repayment term, so you can see the payment, total interest, and total cost before you commit to a repayment plan.
The monthly payment uses the amortization formula M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan balance, r is the monthly rate (APR divided by 12), and n is the number of monthly payments (years x 12). If the rate is zero, the payment is simply the balance divided by the number of months. Results are estimates, not financial advice.
Total interest equals the monthly payment times the number of payments, minus the original balance. A longer repayment term lowers the monthly payment but raises the total interest you pay across the full term.
Yes. Paying extra each month or choosing a shorter term reduces the number of payments and the total interest. Most federal and private student loans have no prepayment penalty, but confirm the terms with your loan servicer.