Student Loan Repayment Calculator
Estimate your monthly student loan payment, total interest, and total repayment amount.
Student Loan Repayment Breakdown
About This Student Loan Repayment Calculator
Student loan repayment can be a significant part of a household budget after college. Our Student Loan Repayment Calculator helps borrowers estimate the monthly payment and total cost of a student loan based on the outstanding balance, interest rate, and repayment term.
To use the calculator, enter your estimated student loan balance, annual interest rate, and repayment period. The calculator uses a standard amortizing loan formula to estimate the monthly principal and interest payment. It also calculates the total amount paid during the repayment period and the estimated interest cost.
Choosing a longer repayment term can reduce the required monthly payment, but it can also increase the amount of interest paid over the life of the loan. A shorter repayment period generally results in higher monthly payments but can reduce total interest when the interest rate and balance remain the same.
US student loans can have different rules depending on whether the loan is federal or private. Federal student loan programs may have repayment plans, forgiveness provisions, deferment, forbearance, and other features that are not represented by this basic calculator. Private student loans can also have different terms and conditions.
This calculator is intended as a planning and educational tool. It does not determine eligibility for a federal repayment plan and does not provide an official payment quote from a lender or government agency.
Try different balances, rates, and repayment terms to understand how your monthly payment changes. The chart below provides a visual comparison of the estimated principal and interest portions of your total repayment.