Student Loan Payment Calculator

Student loan monthly payment calculator for fixed-rate repayment

This student loan payment calculator is built for one common decision: estimating what your monthly payment will be on a standard fixed-rate student loan, and what that payment implies for total interest and payoff time. If you are comparing offers, budgeting for a new loan, or deciding whether to pay extra each month, you want the answer in plain terms: how much per month, how long it lasts, and how expensive the interest is.

To use it, enter your current loan balance, your annual interest rate (APR), and your repayment term in years. The calculator converts the APR into a monthly rate and applies the standard amortization formula used for fixed-payment installment loans. The output is your estimated monthly payment, plus supporting figures like total interest paid and total amount paid over the full term.

If you choose to add an extra monthly payment, the calculator estimates how quickly you would pay the loan off if you keep paying that extra amount every month. It also estimates interest saved compared to sticking with the standard payment. This is useful because even small extra payments can shorten the timeline and reduce the interest cost, especially early in repayment when interest makes up a bigger share of each payment.

Assumptions and how to use this calculator

• This calculator assumes a fixed interest rate and a fixed monthly payment schedule for the full term.
• It assumes interest is compounded monthly and payments are made once per month at consistent intervals.
• It does not model income-driven repayment plans, forgiveness programs, deferment, forbearance, or changing rates.
• If you enter an extra monthly payment, it assumes you pay that extra amount every month until the balance reaches zero.
• Results are estimates and will not perfectly match a lender statement if your loan uses daily interest accrual, variable rates, fees, or payment timing differences.

Common questions

Why does my lender statement not match this calculator exactly?

Many student loans accrue interest daily, not strictly monthly, and the timing of your payment during the month changes how much interest accrues before the payment posts. Some servicers also apply rounding rules, split payments across multiple loans, or handle partial periods in ways that create small differences. This calculator gives a clean estimate using a standard monthly-compounding model, which is good for planning and comparisons.

What if my interest rate is 0%?

If the rate is 0%, there is no interest component. The monthly payment is simply your balance divided by the number of months in your term. The total interest will be 0, and the total paid will equal the original balance.

Does an extra payment always reduce the term?

In a typical fixed-rate loan, paying more than the required payment reduces the principal faster, which usually shortens the payoff time and reduces total interest. The key is that the extra payment must be applied to principal. Some servicers require you to specify that extra amounts should not advance your due date. If you want the fastest payoff, confirm your servicer applies extra payments to principal reduction.

Should I choose a longer term to lower my monthly payment?

A longer term usually lowers the monthly payment, but increases total interest paid because you carry the balance for longer. If your goal is affordability, a longer term can help cash flow. If your goal is minimizing cost, a shorter term or making consistent extra payments is usually better. This calculator lets you see both the monthly payment and the long-run interest cost.

What inputs make the biggest difference to the monthly payment?

The balance is the largest driver, followed by the interest rate and then the term. A higher rate increases interest cost and raises the payment needed to fully amortize within the chosen term. A longer term reduces the payment but increases total interest. If you are unsure of the rate, use the best estimate you have and run a quick scenario with a slightly higher rate to stress-test your budget.