Student Loan Repayment Calculator
Calculate your monthly student loan payment and total interest based on loan amount, interest rate, and repayment term.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Student Loan Repayment Calculator
- Enter Loan Amount – Input the total amount you borrowed (e.g., $35,000).
- Enter Annual Interest Rate – Provide the yearly interest rate as a percentage (e.g., 5.5 for 5.5%).
- Enter Loan Term – Specify the repayment period in years (e.g., 10).
- Optional: Extra Monthly Payment – Add any additional amount you plan to pay each month (e.g., $50). Leave as 0 if none.
- Click "Calculate" – The calculator will compute your results.
Understanding the Results
- Monthly Payment – Your standard payment based on the loan formula.
- Total Interest Paid – The total interest you will pay over the loan’s life.
- Total Amount Paid – The sum of the loan amount plus all interest.
- Payoff Time – How long it will take to repay the loan (years and months), including any extra payments.
Note: All monetary values are in US dollars ($). Extra payments reduce your total interest and shorten the payoff time.
Previous Results
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Frequently Asked Questions
The monthly payment is calculated using the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments.
Extra payments directly reduce the principal balance, which decreases the total interest paid over the life of the loan and shortens the payoff time. Even small extra payments can make a significant difference.
Yes, this calculator works for any fixed-rate amortizing loan, such as car loans or mortgages, as long as the interest rate is fixed and payments are monthly.
