Estimate student loan payments, total interest and payoff time for federal or private loans with any rate and term.
Estimate student loan payments, total interest and payoff time for federal or private loans with any rate and term.
Enter values above and click Calculate — results will appear here with the formula explained.
This uses the standard amortizing loan formula to compute monthly student loan payment from balance, annual rate and term. Multiply by months for total paid, subtract balance for interest.
It assumes fixed rate, no fees, on-time payments and no income-driven adjustments — real loans may have grace periods or forgiveness.
Federal loans use simple amortization but income-driven plans (SAVE, PAYE) cap payment at 10-20% of discretionary income and forgive after 20-25 years — this standard plan is baseline. Private loans may have variable rates and fees not modeled. Verify with Federal Student Aid simulator for authoritative repayment options.
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Student Loan Calculator computes estimate student loan payments, total interest and payoff time for federal or private loans with any rate and term. Formula: Payment = P*r*(1+r)^n/((1+r)^n-1) where r=rate/12, n=years*12. Example: With $30,000 at 5.
This uses the standard amortizing loan formula to compute monthly student loan payment from balance, annual rate and term. Multiply by months for total paid, subtract balance for interest.
It assumes fixed rate, no fees, on-time payments and no income-driven adjustments — real loans may have grace periods or forgiveness.
Federal loans use simple amortization but income-driven plans (SAVE, PAYE) cap payment at 10-20% of discretionary income and forgive after 20-25 years — this standard plan is baseline. Private loans may have variable rates and fees not modeled. Verify with Federal Student Aid simulator for authoritative repayment options.
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With $30,000 at 5.5% for 10 years, payment is about $326/mo, total interest about $9,100, total paid $39,100.
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