Student Loan Calculator
Estimate student loan payments, interest, repayment cost, and extra payment impact.
- Last reviewed
- August 26, 2026
- Cost
- Free to use
- Data
- Runs in your browser
- Reviewed by
- Anton Jonson
Student Loan Calculator
Methodology
How this calculator handles inputs
This calculator uses the values you enter above and applies the formula explained in the guide below. Results update in the browser and are intended for quick planning, comparison, and sanity-checking.
- Use consistent periods, currencies, and units across inputs.
- Review any assumptions before using the result in a decision.
- Recalculate when rates, prices, tax rules, or business terms change.
Important note
This tool provides general planning information only. It is not tax, legal, financial, accounting, or investment advice. Check the current rules for your location and speak with a qualified professional before making a high-stakes decision.
Guide
How it works
Use this calculator to estimate student loan payments, total interest, total repayment, and the effect of extra monthly payments. It helps you plan repayment using balance, rate, term, and optional extra payment assumptions.
What this calculator does
The student loan calculator estimates repayment cost.
It uses:
- loan balance
- annual interest rate
- repayment term
- extra monthly payment
The result shows estimated monthly payment, total interest, and payoff time with extra payments.
How to use the student loan calculator
Enter the current loan balance, annual interest rate, repayment term in years, and any extra monthly payment. The calculator estimates the standard payment and then simulates the effect of paying extra.
Actual student loan programs may have income-driven plans, subsidies, deferment, forgiveness, or special rules.
Student Loan Formula
Monthly payment = P x [r(1+r)^n] / [(1+r)^n - 1]
Extra payment payoff is simulated month by month
Example calculation
If:
- Loan balance = 30,000
- Annual interest rate = 6%
- Term = 10 years
- Extra payment = 100
Then:
Standard payment is calculated over 120 months
The extra payment is then added monthly to estimate a faster payoff time.
What is a student loan?
A student loan is borrowing used to pay for education costs. Repayment terms can vary widely depending on country, lender, program type, and repayment plan.
Some student loans have protections or rules that ordinary loans do not.
Interpreting your result
Use the result as a baseline repayment estimate. If your loan has income-based repayment or forgiveness options, compare those separately.
When to use this calculator
Use this calculator when you want to:
- estimate student payments
- test extra payments
- review interest cost
- plan repayment budget
Common mistakes
Common mistakes include:
- ignoring special repayment plans
- excluding accrued interest
- forgetting deferment effects
- assuming all loans behave alike
FAQs
Does this include income-driven repayment?
No. It uses a standard amortized repayment estimate.
Do extra payments help?
Yes, if they reduce principal and your loan allows them.
Can student loan rules vary?
Yes. Programs vary by lender, country, and loan type.
Is this financial advice?
No. It is a planning estimate only.
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