Student Loan Calculator
Estimate your monthly student loan payments and total interest over the life of the loan.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Student Loan Calculator
This calculator estimates your monthly payment and total interest for a fixed-rate student loan. Follow these steps:
- Enter Loan Amount – Type the total amount you plan to borrow (e.g., 35000). Use dollars; no commas needed.
- Enter Annual Interest Rate – Input the yearly rate as a percentage (e.g., 5.5 for 5.5%).
- Enter Loan Term – Specify the repayment period in whole years (e.g., 10).
- Click "Calculate" – The results appear below:
- Monthly Payment – Your fixed monthly installment.
- Total Interest – The total interest paid over the loan term.
Note: All inputs must be positive numbers. The calculator uses the standard amortization formula for monthly payments.
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Frequently Asked Questions
A student loan calculator helps you estimate your monthly payments and total interest based on loan amount, interest rate, and term.
The monthly payment is calculated using the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where r is the monthly interest rate and n is the number of payments.
Yes, this calculator works for any fixed-rate amortizing loan, not just student loans.
