Does this calculator handle income-driven repayment plans?

No. It models a standard fixed-payment plan only. Income-driven plans base your payment on income and family size, and often stretch payments over 20–25 years with possible forgiveness at the end. Use your servicer’s official tools for IDR estimates.

How do I include interest that accrues while I’m in school or during a grace period?

Estimate your balance at the start of repayment, after any in-school or grace-period interest has been capitalized, and enter that as the loan amount. Some servicers show this projected balance in your account or disclosure documents.

Can I use this for multiple loans at different rates?

Yes, but you’ll need to run separate scenarios or approximate with a weighted average rate. For a quick overview, sum your balances and use the average APR weighted by each loan’s balance.

Will my actual payment match this estimate exactly?

Most standard plans use the same amortization math, but small differences can arise from rounding, payment timing, and how servicers handle capitalization and fees. Treat this as a close estimate and compare it to your official payment schedule.

finance calculator

Student Loan Calculator

Estimate your student loan monthly payment, total interest, and total cost so you can see what repayment will really look like after school.

Results

Estimated monthly payment: $326 USD
Total interest over life of loan: $9,069 USD
Total paid over life of loan: $39,069 USD

Overview

Student loans can be confusing until you translate the loan amount, interest rate, and term into a simple monthly payment. This student loan calculator uses standard amortization math to estimate your payment under a level-payment plan, plus the total interest and total amount you will pay over time. That makes it easier to compare borrowing options, pick a repayment term, and see how much room the payment leaves in your budget after graduation.

How to use this calculator

Enter the total student loan balance you expect to owe at the start of repayment. If you will have multiple loans at similar rates, you can approximate by summing them.
Enter the APR for your loans. For multiple loans with different rates, you can run separate scenarios or approximate using a weighted average rate.
Enter your repayment term in years (for example, 10 years for the standard federal plan, or a longer term if you are considering extended repayment).
Review the estimated monthly payment, total interest, and total amount you would pay over the full term.
Adjust loan amount, rate, and term to see how borrowing less, qualifying for a lower rate, or choosing a longer/shorter term affects both your payment and total interest.

Inputs explained

Total loan balance: The principal you will owe when you start making full payments. For the most accurate results, include all loans that will be repaid under the same term and rate assumptions.
Interest rate (APR): The annual interest rate on your student loan, expressed as a percentage. Federal loans have published fixed rates by cohort; private loans may vary by borrower.
Repayment term: How long you will take to pay off the loan under a level-payment plan, in years. Shorter terms increase the payment but reduce total interest; longer terms lower the payment but increase total interest.

Outputs explained

Estimated monthly payment: The fixed payment you would make each month over the entire repayment term under a standard level-payment plan at the given rate.
Total interest over life of loan: The total amount of interest you would pay over the full repayment period. This is the extra cost of borrowing beyond the original loan balance.
Total paid over life of loan: The sum of all payments—principal plus interest—from the start of repayment until the loan is fully paid off.

How it works

Most federal and private student loans that use a standard repayment plan behave like any other fixed-rate installment loan: you borrow a lump sum, then repay it in equal monthly payments over a set number of years.

The calculator converts your annual percentage rate (APR) to a monthly rate by dividing by 12, and converts your repayment term in years to the number of monthly payments (term years × 12).

If the APR is greater than zero, it applies the standard amortization formula to solve for the fixed monthly payment that will fully repay the balance and accumulated interest by the end of the term.

If you enter a 0% APR—for example, a no-interest family loan—the model simplifies to a straight-line repayment where the principal is divided evenly across all months.

Once the monthly payment is known, total paid is that payment times the number of months, and total interest is simply total paid minus the original loan balance.

This calculation assumes your balance is already at the amount you will owe when repayment begins (after any in-school or grace-period interest has been capitalized).

Formula

If APR > 0:
  r = APR ÷ 100 ÷ 12  (monthly rate)
  n = TermYears × 12
  Payment = P × [r(1 + r)^n] ÷ [(1 + r)^n − 1]
If APR = 0:
  Payment = P ÷ n
Where P is the loan balance and n is the number of monthly payments.
Total paid = Payment × n
Total interest = Total paid − P

When to use it

Estimating what your federal student loan payment will be under the standard 10-year repayment plan.
Comparing private student loan offers with different interest rates and terms before you choose a lender.
Checking how much you could save in interest by choosing a shorter term or by borrowing less.
Stress-testing your budget for various payment levels before you commit to a loan or a particular school.
Comparing the cost of staying on a standard plan versus refinancing into a shorter or longer term later.

Tips & cautions

Use your projected balance at the end of school (including any capitalized interest) rather than just the initial amount you borrow freshman year.
If you have multiple loans with different rates, run separate scenarios or approximate using a weighted average rate for a quick overview.
Remember that income-driven repayment plans can change your payment and total interest significantly; this calculator models a standard level-payment plan only.
Consider pairing this tool with a payoff-acceleration calculator to see how adding extra principal payments could shorten your payoff timeline and cut interest.
Revisit the numbers if interest rates change or if you are thinking about refinancing after graduation.
Assumes a fixed interest rate and level monthly payments for the entire term; it does not model graduated or income-driven repayment plans.
Does not include fees, deferment periods, forbearance, or interest subsidies; it assumes your starting balance already reflects any capitalization.
Does not account for forgiveness programs, tax deductions, or the impact of refinancing into different loan types.
Provides estimates only and is not a replacement for official repayment calculators from your servicer or the Department of Education.

Worked examples

$30,000 balance at 5.5% APR over 10 years

LoanAmount P = $30,000; APR = 5.5%; TermYears = 10 → n = 120.
Monthly rate r = 0.055 ÷ 12 ≈ 0.004583.
Monthly payment ≈ $30,000 × [r(1 + r)^120] ÷ [(1 + r)^120 − 1] ≈ mid-$320s per month.
Total paid ≈ payment × 120; total interest is the difference between total paid and $30,000.

$50,000 in graduate loans at 7% over 15 years

P = $50,000; APR = 7%; TermYears = 15 → n = 180.
Monthly rate r ≈ 0.07 ÷ 12 ≈ 0.005833.
Payment will land in the upper-$400s per month, with tens of thousands in total interest over the term.

0% APR family loan repaid over 5 years

P = $10,000; APR = 0%; TermYears = 5 → n = 60.
Because APR is 0, Payment = 10,000 ÷ 60 ≈ $166.67 per month.
Total paid is $10,000 and total interest is $0—pure principal repayment.

Deep dive

Use this student loan calculator to estimate monthly payments, total interest, and total cost under a standard fixed-rate repayment plan.

Enter your projected loan balance, APR, and repayment term to see what your student loan payment will look like after school.

Compare scenarios quickly so you can choose a term and borrowing level that fit your post-graduation budget.

FAQs

Does this calculator handle income-driven repayment plans?: No. It models a standard fixed-payment plan only. Income-driven plans base your payment on income and family size, and often stretch payments over 20–25 years with possible forgiveness at the end. Use your servicer’s official tools for IDR estimates.
How do I include interest that accrues while I’m in school or during a grace period?: Estimate your balance at the start of repayment, after any in-school or grace-period interest has been capitalized, and enter that as the loan amount. Some servicers show this projected balance in your account or disclosure documents.
Can I use this for multiple loans at different rates?: Yes, but you’ll need to run separate scenarios or approximate with a weighted average rate. For a quick overview, sum your balances and use the average APR weighted by each loan’s balance.
Will my actual payment match this estimate exactly?: Most standard plans use the same amortization math, but small differences can arise from rounding, payment timing, and how servicers handle capitalization and fees. Treat this as a close estimate and compare it to your official payment schedule.

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This student loan calculator provides simplified estimates based on standard amortization formulas and does not account for every loan program, repayment plan, or forgiveness option. It is not a substitute for official calculators from your loan servicer or for advice from a qualified financial professional. Always verify your actual payment and terms with your lender or servicer.