How to use the Student Loan Calculator
The student loan calculator shows the standard monthly payment, the total interest and the effect of paying extra.
Open the Student Loan Calculator →
What you need to enter
- Loan balance ($)
- Interest rate (%)
- Standard term (years)
- Extra monthly payment ($)
The formula
Standard payment = P × r ÷ (1 − (1 + r)^−n). With extra payments the payoff time comes from the same formula using the larger payment.
Worked example
Using the default values in the calculator:
- Loan balance ($): 35000
- Interest rate (%): 5.5
- Standard term (years): 10
- Extra monthly payment ($): 50
| Standard monthly payment | $379.84 |
| Total interest (standard) | $10,581.04 |
| Payoff with extra | 8 yr 7 mo |
| Interest saved with extra | $1,671.87 |
Tips for better results
- Pay extra toward the highest-rate loan.
- Check whether interest is capitalised after deferment.
Common mistakes to avoid
- Mixing federal and private loan terms.
- Forgetting that income-driven plans work differently.
Please note: Calculators and guides give general estimates, not financial, tax or investment advice. Real offers depend on your lender, location and personal situation. See our Disclaimer.