Student Loan Calculator
Estimate your monthly student loan payment and total interest over the repayment term.
Your Details
Principal vs. Interest
Share of total amount paid over the loan term
- Principal$30.0K
- Interest$9.1K
Payment by Interest Rate
How your monthly payment changes with rate
Principal vs. Interest by Year
How your payments are split each year
Year-by-Year Schedule
Full breakdown of principal, interest, and balance
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | $2,315 | $1,592 | $27,685 |
| Year 2 | $2,445 | $1,462 | $25,240 |
| Year 3 | $2,583 | $1,324 | $22,657 |
| Year 4 | $2,729 | $1,178 | $19,928 |
| Year 5 | $2,883 | $1,024 | $17,045 |
| Year 6 | $3,045 | $861 | $13,999 |
| Year 7 | $3,217 | $690 | $10,782 |
| Year 8 | $3,399 | $508 | $7,383 |
| Year 9 | $3,590 | $316 | $3,793 |
| Year 10 | $3,793 | $114 | $0 |
How It Works
- Enter the loan amount you're financing.
- Enter the interest rate and loan term.
- Press Calculate to see your payment and full schedule.
- Use Reset any time to start over from the defaults.
Formula Used
P = loan balance, r = monthly interest rate, n = number of monthly payments.
Good to Know
- • A shorter term means a higher payment but less total interest.
- • Your actual rate depends on credit history and lender.
- • Paying extra toward principal shortens the payoff time.
Important Notes
- • Rates shown are for comparison, not a live quote.
- • Fees are not included in this estimate.
- • Consult a lender for a formal offer.
Standard vs. Extended Repayment
This calculator models a standard fixed-payment repayment plan. Federal student loans in the U.S. also offer extended and income-driven plans that can lower the monthly payment by stretching the term or tying it to income, though that usually means paying more interest over the life of the loan. Comparing the total interest here against a longer, lower-payment plan can help clarify that trade-off.
Why Rate and Term Matter More Over a Decade
Because student loan terms often stretch 10 years or more, even a modest rate difference compounds into a large gap in total interest paid. If refinancing to a lower rate is an option, it's worth checking both the new monthly payment and the new total interest — a lower payment achieved by extending the term can sometimes cost more in the long run, even at a better rate.
Terminology Explained
- Subsidized loan — a federal loan where the government pays interest while you're in school.
- Unsubsidized loan — interest accrues from disbursement, even while in school.
- Standard repayment — a fixed payment over a set term, usually 10 years for federal loans.
- Income-driven repayment — payments calculated as a percentage of discretionary income, often with a longer term.
Putting It Into Practice: Repaying $30,000 Over 10 Years
At 5.5% interest over the standard 10-year federal term:
M = 30,000 × 0.004583 ÷ (1 − 1.004583⁻¹²⁰) ≈ $326/month
Total interest over 10 years ≈ $9,120
Stretching the same balance to a 20-year extended plan drops the payment to roughly $206/month, but total interest more than doubles to around $19,440 — a common trade-off: lower monthly payment now, meaningfully more paid over the life of the loan.
Repayment Plan Comparison Table
On $30,000 at 5.5%, comparing standard vs. extended terms:
| Plan | Payment | Total Interest |
|---|---|---|
| Standard (10yr) | $326 | $9,120 |
| Extended (20yr) | $206 | $19,440 |
Missteps to Avoid With Student Loan Repayment
- Not exploring income-driven repayment — can lower payments significantly if income is low relative to the balance.
- Letting interest capitalize — unpaid interest during deferment can be added to the principal, increasing future interest.
- Refinancing federal loans into private ones without understanding trade-offs — federal loans have protections private loans typically don't.