Student Loan Calculator
This student loan calculator estimates the monthly payment, total interest, and payoff date from the remaining balance, APR, and term.
How to use
- Enter one loan’s remaining balance, interest rate, and term.
- Read the monthly principal-and-interest payment and total interest.
- Run it again per loan if you have more than one. Income-driven plans and forgiveness are not modeled.
Formula
Payment uses the standard amortizing formula M = P × r(1+r)^n / ((1+r)^n − 1), with a monthly rate and a term in months. It starts once repayment has begun. In-school interest accrual is not included.
Example. $20,000 at 5% APR for 10 years (120 months) is a payment of about $212 a month.
Frequently asked questions
How is the payment calculated?
Same amortizing formula as other installment loans: M = P × r(1+r)^n / ((1+r)^n − 1).
Does this include IDR or PSLF?
No. Income-driven plans and Public Service Loan Forgiveness use federal rules. Use StudentAid.gov for those.
Can I enter multiple loans?
This version is one loan. Sum balances or run it once per loan.
Is this a refinance quote?
No. Enter a rate you were quoted. This page does not pull lender rates.
Subsidized vs unsubsidized?
Payment math is the same once repayment starts. Interest accrual in school is not modeled here.
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