Student Loan Calculator
Estimate your student loan payment under the 10-year Standard, 25-year Extended or a custom term, with total interest, payoff date, and the effect of paying extra.
Student Loan Calculator: with the default inputs, monthly payment is $340.64.
Principal owed when repayment starts (including any capitalized interest).
Federal rates are fixed per loan; private rates vary by credit.
Used only when the plan is Custom.
Applied to principal.
- Total interest
- $10,877
- Total repaid
- $40,877
- Payoff date
- August 10, 2036
- Number of payments
- 120
- Time saved by paying extra
- —
- Interest saved by paying extra
- $0
Assumptions
- Fixed rate, level monthly payments, interest at the annual rate ÷ 12 on the outstanding balance.
- The Extended plan is modeled as a fixed 25-year amortization; graduated and income-driven plans are not modeled.
- Balance already includes any interest capitalized at the start of repayment.
- Principal$30,00073%
- Interest$10,87727%
| Year | Principal | Interest | Total paid | Balance |
|---|---|---|---|---|
| 1 | $2,203 | $1,885 | $4,088 | $27,797 |
| 2 | $2,350 | $1,738 | $4,088 | $25,447 |
| 3 | $2,507 | $1,580 | $4,088 | $22,940 |
| 4 | $2,675 | $1,412 | $4,088 | $20,264 |
| 5 | $2,855 | $1,233 | $4,088 | $17,410 |
| 6 | $3,046 | $1,042 | $4,088 | $14,364 |
| 7 | $3,250 | $838 | $4,088 | $11,114 |
| 8 | $3,467 | $620 | $4,088 | $7,647 |
| 9 | $3,700 | $388 | $4,088 | $3,947 |
| 10 | $3,947 | $140 | $4,088 | $0 |
How this is worked out
The formula
M = P × r(1 + r)^n ÷ ((1 + r)^n − 1) P = balance at repayment, r = annual rate ÷ 12 n = 120 (Standard), 300 (Extended) or 12 × custom years
Open How it’s calculated above to see this worked through with your own numbers.
What you enter
- Loan balance
- Principal owed when repayment starts (including any capitalized interest).in dollars · 0 or more · defaults to 30000
- Interest rate
- Federal rates are fixed per loan; private rates vary by credit.a percentage · from 0 to 30 · defaults to 6.5
- Repayment plan
- Choose one of 3 options.Standard — 10 years · Extended — 25 years (federal, balance over $30,000) · Custom term
- Custom term
- Used only when the plan is Custom.from 1 to 30 · whole numbers only · defaults to 15
- Extra monthly payment
- Applied to principal.in dollars · 0 or more · defaults to 0
- First payment date(under More options)
- A calendar date.defaults to today
What you get back
- Monthly paymentmain answer
- Total interest
- Total repaid
- Payoff date
- Number of payments
- Time saved by paying extra
- Interest saved by paying extra
What this assumes
- Fixed rate, level monthly payments, interest at the annual rate ÷ 12 on the outstanding balance.
- The Extended plan is modeled as a fixed 25-year amortization; graduated and income-driven plans are not modeled.
- Balance already includes any interest capitalized at the start of repayment.
About this calculator
Student loans are ordinary amortizing loans wearing a special coat: the government fixes the rate for each federal loan, offers a menu of repayment terms, and lets you switch between them. The payment math itself is the standard formula, so this calculator gives you the true monthly payment for the plan you pick, the interest you'll pay over the plan, and what changes when you add a little extra each month.
Plans covered here
- Standard (10 years) — the default for federal Direct Loans and the benchmark that Public Service Loan Forgiveness payments are compared against. Fixed payment, lowest total interest of the fixed plans.
- Extended (25 years) — available on federal loans when you owe more than $30,000. Much lower payment, far more interest.
- Custom — any term from 1 to 30 years, which covers private loans (usually 5–20 years) and refinanced loans.
Income-driven plans (IBR, PAYE, and their successors) set the payment from your income rather than the balance and can end in forgiveness; they need your income, family size and a plan-specific formula, so they're deliberately not approximated here. Use the official Loan Simulator at studentaid.gov for those.
How to use it
Enter the balance at the start of repayment — if interest accrued during school or a grace period and was capitalized, include it. Enter the rate on the loan (or a weighted average if you're lumping several together, though separate loans are best run separately), pick the plan, and add any extra monthly amount. Set the first payment date under More options for an exact payoff date.
Reading the results
- Monthly payment is the fixed amount under the plan.
- Total interest is the price of the term. The same $30,000 at 6.5% costs about $10,900 in interest over 10 years and about $30,800 over 25 — more than the loan itself.
- Time and interest saved appear when you pay extra. There's no prepayment penalty on federal or (by law) private student loans, so extra money is pure upside.
Federal vs private
Federal loans have fixed rates set by Congress each July, no credit check for most undergraduates, deferment and forbearance options, income-driven plans and forgiveness programs. Private loans price on credit, may be fixed or variable, and offer few safety nets — but can be refinanced to a lower rate once your income is established. Refinancing a federal loan into a private one permanently gives up the federal protections; make sure the rate saving is worth it.
Frequently asked questions
▸How is the standard student loan payment calculated?
With the ordinary amortization formula over 120 monthly payments: M = P·r(1+r)¹²⁰ / ((1+r)¹²⁰ − 1), where r is the annual rate divided by 12. Federal servicers also apply a $50 minimum.
▸Should I choose the Extended plan?
Only if the Standard payment is genuinely unaffordable and you don't qualify for or want an income-driven plan. Extended roughly triples the total interest on a typical balance. If you're pursuing PSLF, stick with Standard or an income-driven plan — Extended payments don't count.
▸Does paying extra on student loans help?
Yes, and there's no penalty. Extra money reduces principal, so less interest accrues each month. Tell your servicer to apply it to the highest-rate loan and to principal rather than advancing your due date.
▸Why isn't my income-driven plan here?
Income-driven payments depend on your adjusted gross income, family size, state and the specific plan's percentage and forgiveness rules, which change with legislation. The Department of Education's Loan Simulator is the authoritative tool for those.
▸What's the difference between federal and private student loans?
Federal loans have fixed, congressionally set rates, income-driven plans, deferment and forgiveness options. Private loans are priced on credit, may be variable, and offer fewer protections — but can sometimes be refinanced cheaper once you have income and good credit.
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