Student Loan Calculator
Estimate your student loan monthly payments, total interest, and payoff date using balance, rate, and term. For example, a $35,000 loan at 5.5% for 10 years has a monthly payment of about $380. See how adding $50 per month extra can shorten your payoff by years.
Loan Details
Enter your balance, rate, and payment.
Used to estimate Income-Driven Repayment (SAVE/REPAYE).
Repayment Scenarios
| Plan | Payment/mo | Payoff | Interest |
|---|---|---|---|
| Standard 10-yr | $398 | 10 yr | $12,776 |
| Your Payment | $380 | 10 yr 9 mo | $13,738 |
| Extended 25-yr | $237 | 25 yr | $36,159 |
Payoff Summary
With your current payment plan.
Time to Pay Off
10 yr 9 mo
129 monthly payments
Reference Payments
Methodology and limitations
Last reviewed:
Methodology
Uses fixed-payment repayment math for balance, interest rate, term, and optional extra payment to estimate payment, interest, and payoff timing.
Limitations
Does not model income-driven repayment, forgiveness, deferment, forbearance, subsidies, capitalization events, or servicer-specific rules.
Official sources
How to Use the Student Loan Calculator
Estimate your student loan monthly payments, total interest, and payoff date using balance, rate, and term. For example, a $35,000 loan at 5.5% for 10 years has a monthly payment of about $380. See how adding $50 per month extra can shorten your payoff by years.
Method used
This calculator uses fixed repayment math to estimate monthly payment, interest, and payoff timing from balance, rate, term, and optional extra payment.
Practical example
Example: enter a $30,000 balance, 6% interest rate, and 10-year term, then add an extra payment to compare the payoff impact.
What this includes
- Includes fixed-payment repayment estimates and extra-payment scenarios.
- Works for simple federal or private loan planning.
What this excludes
- Does not model income-driven repayment, forgiveness, deferment, or servicer-specific rules.
Frequently Asked Questions
How are student loan payments calculated?
For a standard fixed repayment plan, the calculator uses your loan balance, annual interest rate, and repayment term in months to estimate a level monthly payment using the standard amortization formula. Each payment covers accrued interest first, then applies the remainder to principal. Enter your total balance, APR, and term to see the monthly payment, total interest over the life of the loan, and estimated payoff date. Results are illustrative - confirm figures with your loan servicer.
Can extra payments reduce student loan interest?
Yes. Extra payments applied directly to principal reduce the outstanding balance faster, which lowers the interest charged in future months and can shorten your payoff timeline by months or years. Even small additional amounts - such as $25 or $50 per month - add up significantly over a 10- or 20-year term. Specify an optional extra monthly payment in this calculator to see the revised payoff date and interest savings compared to the standard schedule.
Does this include income-driven repayment?
No. This calculator focuses on fixed repayment math with a consistent monthly payment over a set term. Income-driven repayment (IDR) plans - including IBR, PAYE, ICR, and PSLF-track payments - calculate payments based on discretionary income and family size, not a fixed amortization schedule. Forgiveness timelines and subsidized interest benefits are also not modeled here. Use the student loan forgiveness timeline calculator for IDR and PSLF planning.
Should I use this for federal and private loans?
You can use it for payment estimates on fixed-rate federal or private student loans with standard repayment terms. Federal loans may offer graduated, extended, or income-driven plans that produce different payments than this estimate. Private loan terms vary by lender and may include variable rates or deferment periods. Always compare this result with your servicer's official repayment options and statements before making payment decisions.
How long does it take to pay off student loans?
Standard federal repayment plans run 10 years, but many borrowers extend to 20 or 25 years through income-driven plans or refinancing. The payoff timeline depends on your balance, interest rate, monthly payment, and whether you make extra payments. Enter your loan details to see your estimated debt-free date. Paying more than the minimum or refinancing to a lower rate can shorten the timeline and reduce total interest paid over the life of the loan.