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
| Field | What to enter |
|---|---|
| Loan balance | Amount in your currency |
| Interest rate | In % |
| Calculate | Choose one: Monthly payment, Time to repay |
| Remaining term | Units: years, months |
| Monthly payment | Amount 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 balance | Monthly payment |
|---|---|
| 15,000 | 170.32 |
| 22,500 | 255.48 |
| 30,000 | 340.64 |
| 37,500 | 425.8 |
| 45,000 | 510.97 |
| 60,000 | 681.29 |
Formula
Payment = L × i ÷ (1 − (1 + i)^−n)Months to repay = nper(i, payment, L)Total interest = payment × months − LWorked 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.
Frequently asked questions
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).