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Calculate your monthly student loan payment, total interest and how much time and money extra payments save.
What will my student loan cost?
Everything happens on your device: nothing is uploaded to the internet.
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Student loan calculator: what it is for
Enter your loan balance, interest rate and repayment term. The calculator shows your monthly payment, the total interest and the total you will pay. Add an extra monthly payment to see how many months earlier you finish and how much interest you save.
It works for federal and private student loans with fixed rates.
How to use
- Enter the balance and interest rate.
- Choose the repayment term.
- Add an extra payment to compare.
When to use it
- Planning payments after graduation.
- Deciding whether to pay extra or invest.
- Comparing refinancing offers.
Frequently asked questions
What is the standard repayment plan?
Federal student loans default to a 10-year standard plan with fixed monthly payments. Private loans usually have terms from 5 to 20 years.
Do extra payments help?
Yes. Extra payments go to the principal, so you pay less interest and finish sooner. Ask your servicer to apply the extra to principal and not to future payments.
What about income-driven plans?
Income-driven repayment sets the payment as a share of your discretionary income instead of by term. This calculator shows the standard fixed-payment schedule.
Is it really free?
Yes, 100% free. No sign-up, no subscription and no usage limits. All Tools123 tools are free and run right in your browser.