Calculate your monthly student loan payment from balance, interest rate and term, or how long it will take to pay off student loans with a set payment.
Before committing to a graduate program, use the Maximum Affordable Tuition Calculator to compare two schools, estimate yearly funding shortfalls, and find tuition that fits your borrowing budget.
Student Loan Repayment Formula
For a fixed-rate loan, the ideal monthly payment formula is shown below. This monthly model is an approximation; actual student-loan interest generally accrues daily and depends on payment dates. The calculator rounds the regular payment to cents and adjusts the final payment.
If unpaid interest accrues before repayment and is capitalized once, the estimated starting balance is:
Variables:
- M is the fixed monthly payment
- P is the principal balance
- r is the monthly interest rate
- n is the number of repayment months
- R is the annual simple interest rate
- t is the no-payment period in years
Select payment mode to calculate a scheduled payment from a term, with an optional extra amount. Select payoff-time mode to test a monthly payment. The calculator separately reports interest accrued before repayment and interest charged after repayment starts.
Student Loan Payment Reference
The following reference estimates use a $30,000 balance at 6% with no deferment and ideal unrounded monthly payments. The calculator rounds regular payments to cents and adjusts the final payment, so its interest and total-paid estimates can differ slightly. Longer terms lower the payment but increase total interest.
| Repayment term | Monthly payment | Interest | Total paid |
|---|---|---|---|
| 5 years | $579.98 | $4,799.04 | $34,799.04 |
| 10 years | $333.06 | $9,967.38 | $39,967.38 |
| 15 years | $253.16 | $15,568.27 | $45,568.27 |
| 20 years | $214.93 | $21,583.04 | $51,583.04 |
Example Problems
Example 1: Calculate a standard fixed payment.
A $35,000 balance enters repayment at 6.5% for 10 years. Enter 120 repayment months. The calculator applies the amortization formula and reports the payment, repayment interest, total paid, and payoff time.
Example 2: Include six months of accruing interest.
Assume the same $35,000 balance has six months before repayment and the interest is capitalized. Simple accrued interest is approximately $35,000 × 0.065 × 0.5 = $1,137.50, so repayment begins near $36,137.50. The new payment is calculated from that higher balance.
Frequently Asked Questions
Does interest always capitalize during deferment?
No. Treatment depends on the loan type and current rules. Some interest may be subsidized, some may accrue without immediate capitalization, and some may be paid as it accrues. Choose the option that matches the loan documents.
Can this calculate an income-driven payment?
No. Income-driven plans depend on income, household information, eligibility, subsidies, and program rules. This calculator is for fixed-rate payment and payoff planning.
How do extra payments affect student loans?
When applied to principal, extra payments reduce the balance sooner, which lowers future interest and shortens the payoff period. Confirm how the servicer applies amounts above the required payment.
