Student Loan Calculator
Estimate your monthly student loan payment, total interest, and payoff cost.
Content updated July 1, 2026
Standard fixed repayment. Income-driven and government plans may differ — paying extra each month shortens the term and cuts interest.
Student loans can follow you for a decade or more, so it pays to understand the numbers. This calculator turns your balance, interest rate, and repayment term into a clear monthly payment and shows how much interest you'll pay over the life of the loan.
Try a shorter term or an extra monthly amount to see how much interest you could save — with student debt, small changes add up over ten years.
The Student Loan formula
M = P · r · (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)M = monthly payment · P = loan balance · r = monthly interest rate (annual rate ÷ 12) · n = number of payments (years × 12). Total interest = (M × n) − P.
Worked example
A $30,000 balance at 6% over 10 years has r = 0.005 and n = 120, giving a monthly payment of about $333. Over the full term you repay roughly $39,967, of which about $9,967 is interest.
How student loan repayment works
On a standard repayment plan, you pay a fixed amount each month that covers the interest plus a slice of the balance, until it's fully repaid — the same amortization used for other loans.
Interest accrues on the outstanding balance, so paying more than the minimum, or making payments during any grace period, reduces the total you repay. Government and income-driven plans can change the payment and timeline significantly.
Frequently asked questions
▶How can I pay off my student loan faster?
Pay more than the minimum where allowed, target the highest-interest loan first, and avoid letting interest capitalise. Even a small extra monthly amount shortens the term meaningfully.
▶Does this include income-driven repayment?
No — it models a standard fixed repayment plan. Income-driven and government schemes calculate payments differently, often based on your earnings.
▶How is a student loan monthly payment calculated?
It uses the standard amortization formula, which spreads the balance plus interest into equal monthly payments over the term. Each payment covers the month's interest first, then chips away at the balance.
▶How much interest will I pay over the life of the loan?
It's the sum of every payment minus the amount you borrowed. A longer term lowers the monthly payment but increases total interest; this calculator shows both figures.
▶Should I pay off my student loan early?
If the interest rate is higher than what you'd earn elsewhere and there's no prepayment penalty, extra payments save interest. Weigh it against other goals like higher-interest debt or an emergency fund.
▶Does interest capitalise on student loans?
It can. Unpaid interest is sometimes added to the principal (capitalised) after a grace or deferment period, so you then pay interest on interest. Paying interest as it accrues avoids this.
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Open calculator →Disclaimer: Student Loan Calculator results are estimates for general information and education only, and are not financial, tax, legal or medical advice. Verify important decisions with a qualified professional.