# Student Loan Payment Calculator

URL: https://speedycalculator.com/calculators/finance/student-loan-payment/
Last updated: 2026-10-25

> The student loan payment calculator solves for whichever value you need – the monthly payment for a given term, or the time to repay for a given payment – along with total interest and total paid.

## Inputs

- Loan balance
- Interest rate (%)
- Calculate
- Remaining term (years, months)
- Monthly payment

## Results

- Monthly payment
- Months to repay
- Years to repay
- Total interest
- Total paid

## Formula

```
Payment = L × i ÷ (1 − (1 + i)^−n)
Months to repay = nper(i, payment, L)
Total interest = payment × months − L
```

## Explanation

Paying even $50–$100 more a month can take years off a student loan. If you have several loans, put extra payments on the one with the highest rate first.

### How to use the Student Loan Payment Calculator

- **Loan balance**
- **Interest rate**
- **Calculate**
- **Remaining term**
- **Monthly payment**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the loan balance and interest rate, then choose whether to calculate the payment (enter the term) or the time to repay (enter the payment).

### Tips

- Compare loans by APR and total cost, not just the monthly payment.
- Extra payments go straight to principal and can save a lot of interest.
- Pay off the highest-rate debt first if you want to save the most money.
- Check for prepayment penalties before paying a loan off early.

### Common mistakes to avoid

- Stretching a loan term to lower the payment without seeing the extra interest.
- Paying only the minimum on credit cards.
- Forgetting fees that are rolled into the loan.

### Inputs explained

FieldWhat to enterLoan balanceAmount in your currencyInterest rateIn %CalculateChoose one: Monthly payment, Time to repayRemaining termUnits: years, monthsMonthly paymentAmount in your currency

### What each result means

- **Years to repay** = [Months to repay]÷12
- **Total interest** = [Monthly payment]×[Months to repay] - [Loan balance]
- **Total paid** = [Monthly payment]×[Months to repay]

### Example values

How the main result changes when **Loan balance** changes and everything else stays at the example values above:

Loan balanceMonthly payment15,000170.3222,500255.4830,000340.6437,500425.845,000510.9760,000681.29

## Worked example

Inputs — Loan balance: $30,000; Interest rate: 6.5 %; Calculate: Monthly payment; Remaining term: 10 years; Monthly payment: $400.

Results — **Monthly payment = $340.64**; Months to repay = 120; Years to repay = 10; Total interest = $10,877.27; Total paid = $40,877.27.

## FAQ

**How much will my student loan payment be?**
For $30,000 at 6.5% over 10 years, about $341 a month.

**How long will it take to pay off at $400 a month?**
About 8 years for $30,000 at 6.5%.

**Should I pay off student loans or invest?**
High-rate loans (above ~6–7%) are often worth paying down first.

**What formula does the Student Loan Payment Calculator use?**
Payment = L × i ÷ (1 − (1 + i)^−n).


## Sources

- [Federal Student Aid – Loan simulator](https://studentaid.gov/loan-simulator/)