Student Loan Calculator

Work out your monthly student loan payment, total interest, and what an extra payment does to the payoff date.

Loan balance ($)

Interest rate (%)

Term (years)

Extra monthly payment ($)

Monthly payment

—

Total interest (standard) —

Payoff with extra —

Interest saved by extra —

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How it works

Payment = P·r(1+r)ⁿ/((1+r)ⁿ−1) with r = annual rate/12

Frequently Asked Questions

What is the standard student loan repayment term?

US federal loans default to a 10-year standard plan; consolidation and income-driven plans stretch to 20–30 years, lowering the payment but raising total interest substantially.

How much does an extra payment help?

Extra payments on student loans apply to principal (after accrued interest), shortening the term. On $35,000 at 6% over 10 years, an extra $100/month clears the loan about 2.5 years early and saves roughly $3,000 in interest.

Do unpaid interest and capitalization matter?

Yes — on unsubsidized loans, interest that accrues during school or forbearance can capitalize (get added to principal), so you then pay interest on interest. Paying at least the accrued interest during school prevents it.