Student Loan Calculator
Estimate your fixed-rate student loan monthly payment, total interest, and total repayment. A simple repayment estimate only — not a federal repayment-plan (IBR, PAYE, SAVE) calculator.
How It's Calculated
Formula
\text{Payment} = \dfrac{P \times r \times (1 + r)^n}{(1 + r)^n - 1}This calculator provides a simple fixed-rate student loan repayment estimate: given your loan balance, a fixed annual interest rate, and a repayment term, it computes the fixed monthly payment using the standard amortization formula — the same math used for personal loans and other fixed-rate installment debt. It does not determine federal repayment-plan eligibility, forgiveness, income-driven payments, or deferment/forbearance — those depend on program rules this calculator does not model. If your term differs from 10 years, this calculator also shows a simple mathematical comparison against a 10-year term at the same balance and rate, so you can see how a shorter or longer term changes your monthly payment and total interest — this is a math comparison only, not a recommendation about which federal repayment plan to choose.
Worked Examples
$20,000 balance, 7.5% annual rate, 5-year term
- Periodic rate r = 0.075 / 12 = 0.00625; n = 5 × 12 = 60 payments
- Monthly payment = 20000 × 0.00625 × (1.00625)^60 / ((1.00625)^60 − 1) ≈ $400.76
- 10-year comparison at the same balance and rate: monthly payment ≈ $237.40 — the 5-year term's payment is about $163.36 higher per month, but total interest is far lower over the shorter term
$40,000 balance, 5% annual rate, 25-year term
- Periodic rate r = 0.05 / 12 ≈ 0.0041667; n = 25 × 12 = 300 payments
- A 25-year term produces a lower monthly payment than a 10-year term at the same balance and rate, but accumulates substantially more total interest over the longer repayment period
Frequently Asked Questions
Does this calculator determine my federal loan forgiveness or repayment plan eligibility?
No. This is a simple fixed-rate repayment calculator only. It does not model income-driven repayment plans, loan forgiveness programs, deferment, forbearance, or federal eligibility rules — those depend on program-specific rules this calculator does not evaluate. Consult your loan servicer or an official federal student aid resource for those questions.
What is the 10-year comparison for?
It's a simple mathematical comparison showing what your monthly payment and total interest would be at a 10-year term, at the same balance and rate, alongside your selected term's figures. It's shown because 10 years is a common standard repayment length, not because it represents a specific federal repayment plan — it's math only, not a program recommendation.
Why does a longer term lower my monthly payment but increase total interest?
Spreading the same balance over more payments reduces each individual payment, but interest accrues on the outstanding balance for longer, so the total interest paid over the life of the loan increases. This tradeoff is the same for any fixed-rate installment loan, not specific to student loans.
What if my student loan has a variable interest rate?
This calculator assumes a fixed rate for the entire term. If your loan's rate can change, your actual payment and total interest will differ from this estimate once the rate changes.