Student Loan Calculator
Find a student loan payment, how fast extra payments clear it, or the payment after graduation with interest building in school.
Change the values and press Calculate to work out your own figures.
Payment
Enter the amount, rate and term.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $1,973.21 | $2,169.67 | $27,830.33 |
| 2 | $1,820.98 | $2,321.90 | $25,508.43 |
| 3 | $1,658.10 | $2,484.78 | $23,023.65 |
| 4 | $1,483.75 | $2,659.13 | $20,364.52 |
| 5 | $1,297.19 | $2,845.69 | $17,518.83 |
| 6 | $1,097.52 | $3,045.36 | $14,473.47 |
| 7 | $883.86 | $3,259.02 | $11,214.45 |
| 8 | $655.20 | $3,487.68 | $7,726.77 |
| 9 | $410.52 | $3,732.36 | $3,994.41 |
| 10 | $148.66 | $3,994.41 | $0.00 |
Show the working
- payment = P × i ÷ (1 − (1 + i)^−n)
- each payment: interest = balance × i (to the cent), the rest repays principal
Payoff with extra payments
Enter the balance, payment and rate.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $1,914.23 | $4,085.77 | $25,914.23 |
| 2 | $1,627.57 | $4,372.43 | $21,541.80 |
| 3 | $1,320.78 | $4,679.22 | $16,862.58 |
| 4 | $992.49 | $5,007.51 | $11,855.07 |
| 5 | $641.18 | $5,358.82 | $6,496.25 |
| 6 | $265.20 | $5,734.80 | $761.45 |
| 7 | $5.82 | $761.45 | $0.00 |
Show the working
- each month: interest = balance × rate ÷ 12 (to the cent); the rest of the payment reduces the balance
After graduation
Enter what you'll borrow in school and the repayment term.
Show the working
- in school and grace: balance grows monthly with new borrowing
- then payment = balance × i ÷ (1 − (1 + i)^−n)
How to use it
Enter the amount, rate and term. Enter the balance, payment and rate. Enter what you'll borrow in school and the repayment term.
Enter amounts without commas or with them; rates are percentages (5 for 5%). Negative amounts are allowed where a sign means money paid out.
Key facts
in school: balance × (1 + i)^months + new borrowing (each month), then the grace period; then the payment
Plans
Federal loans offer standard (10 years), graduated, extended and income-driven plans; interest on unsubsidized loans builds up in school.
Questions
What is the payment on $30,000 at 6.8% over 10 years?
$345.24 a month.
Formulas
in school: balance × (1 + i)^months + new borrowing (each month), then the grace period; then the payment
Sources
Limitations
- Results are estimates for planning, not offers or financial advice; lenders and banks may round, count days or time payments differently.
- Rates are nominal annual rates compounded as you choose; payments at a different frequency use the equivalent periodic rate.