Student Loan Calculator
Student loan calculator: estimate your monthly payment, total interest and payoff time, and see how extra payments cut both.
Editorial review: Farrow (pseudonym; identity and professional credentials are not disclosed). This page is for educational purposes, not professional advice.
Updated
Your inputs
Results update as you type. Nothing you enter leaves your device.
Results
- Total interest
- $12,690.15
- Interest per day at start
- $6.23
- Payoff time with extra payments
- 7 yr 5 mo
- Interest saved by extra payments
- $3,503.97
Example with the starting values
These results use the calculator's initial inputs. Change the values above to calculate your own estimate.
Inputs
- Loan balance
- 35000 $
- Interest rate
- 6.5 %
- Repayment term
- 10 years
- Extra monthly payment
- 100 $
Results
- Monthly payment
- $397.42
- Total interest
- $12,690.15
- Interest per day at start
- $6.23
- Payoff time with extra payments
- 7 yr 5 mo
- Interest saved by extra payments
- $3,503.97
How does the Student Loan Calculator work?
The monthly payment uses the standard amortization formula on your balance, rate and term (10 years is the federal Standard Repayment Plan). Interest accrues daily at rate ÷ 365 on the balance.
Extra payments go to principal after interest is paid, shortening the term. Income-driven plans compute payments differently and are not modeled here.
Frequently asked questions
How is student loan interest calculated?
Daily: balance × annual rate ÷ 365. Payments cover accrued interest first, then principal.
What is the standard repayment term?
10 years for federal loans on the Standard Repayment Plan. Larger balances may qualify for longer terms.
Should I pay extra on student loans?
Extra payments save interest, especially on higher-rate loans. Compare the rate with what you could earn elsewhere.
Does interest capitalize?
Unpaid interest can be added to the balance after deferment or forbearance, which raises future interest. This tool assumes steady payments.