Student Loan Calculator: Monthly Payment, Interest & Payoff
Estimate a fixed-rate student loan payment in seconds. Enter your balance, annual interest rate and repayment term to see your scheduled monthly payment, total interest, payoff date and a month-by-month amortization schedule. Model extra payments and fees to compare repayment scenarios.
Loan Details
The scheduled payment excludes extra payments. Results use a fixed annual rate divided by 12 and monthly payments; federal student loans commonly use daily interest, so a servicer’s figures can differ.
Student loan amortization schedule
| Month | Payment | Principal Paid | Interest Paid | Total Interest Paid | Balance |
|---|---|---|---|---|---|
| Click "Calculate Payment" to generate schedule | |||||
How this student loan payment calculator works
Enter the balance you expect to repay, a fixed annual interest rate and a term in months or years. The calculator converts the annual rate to a monthly rate, finds the payment that amortizes the starting principal over the term, then builds each month’s interest, principal and remaining balance. A 0% rate is handled by dividing the principal by the number of payments. Press Calculate Payment, then expand or export the schedule to inspect each month.
Monthly rate: \( r = \frac{annual\ rate}{100 \times 12} \)
Number of payments: \( n = term\ in\ months \)
Scheduled payment: \( PMT = \frac{Lr(1+r)^n}{(1+r)^n-1} \), where L is starting principal. At 0% interest, \( PMT=L/n \).
Monthly balance: estimated interest is the remaining balance times the monthly rate. The rest of the payment, plus any selected extra payment, reduces principal. The final payment is capped at the outstanding balance plus that month’s interest.
This monthly model is useful for a standard fixed-payment comparison, but it is an estimate. U.S. federal Direct Loans accrue simple interest daily, so the days between payments and unpaid accrued interest can make the servicer’s statement differ. Subsidized and unsubsidized loans can also have different in-school interest treatment. If your loan is already in repayment, enter the current repayment balance on your loan statement.
Fees, cash received and total cost
An origination fee can reduce the cash that reaches the school or borrower without reducing the stated principal owed. For U.S. federal Direct Loans, the fee is deducted from each disbursement but you still repay the full amount borrowed. Choose Deducted from loan proceeds to show that difference. Choose Paid separately upfront only when the lender charges a separate payment, or Added to balance only when the agreement finances the fee. Other fees are modeled as upfront cash costs. The total cash repaid card adds scheduled loan payments and separately paid fees; the net proceeds card shows cash available after a withheld fee.
Extra payments follow the regular monthly payment in this model. Monthly extras occur each month; yearly extras occur on every 12th payment; a one-time extra occurs with the first payment. The tool compares interest with a no-extra schedule on the same starting balance and rate. Ask your servicer how an overpayment is allocated: payments generally cover owed fees and interest before principal, and an account may be placed in paid-ahead status.
Student loan payment examples for 2026–27
The 6.52% prefilled rate is an example from U.S. federal Direct Subsidized and Direct Unsubsidized undergraduate loans first disbursed from 1 July 2026 through 30 June 2027. Federal Student Aid lists 8.07% for graduate/professional Direct Unsubsidized loans and 9.07% for Direct PLUS loans in the same period. Earlier loans can have different rates, and private or non-U.S. loans follow their own contracts. Replace the example rate with your actual fixed rate.
| Loan and rate | Term | Approx. monthly payment | Approx. total interest |
|---|---|---|---|
| $10,000 at 6.52% | 10 years | $113.65 | $3,637.97 |
| $20,000 at 6.52% | 10 years | $227.30 | $7,275.94 |
| $10,000 at 0% | 10 years | $83.33 | $0.00 |
These rounded illustrations use the tool’s monthly model, not lender quotes. A longer term lowers the scheduled monthly payment while keeping the balance outstanding for more months, which generally increases total interest at the same rate. Compare both affordability and total cost rather than judging a loan only by the monthly payment.
2026–27 U.S. federal origination fee examples
Federal Student Aid lists a 1.057% loan fee for Direct Subsidized and Direct Unsubsidized loans first disbursed on or after 1 October 2020 and before 1 October 2027. The comparable Direct PLUS fee is 4.228%. On a $10,000 Direct Loan with a 1.057% fee, $105.70 is withheld and $9,894.30 is disbursed, while the borrower still owes $10,000 principal before interest. Do not add the $105.70 to the starting balance again in the federal-loan setting.
How to compare repayment scenarios
- Start with the statement balance. If repayment has begun, include interest already capitalized in the balance you enter. A future loan can have multiple disbursements and different timing.
- Enter the actual rate and term. Use your loan document or servicer account. If a disclosure gives a fee-inclusive APR, do not use it as a pure interest rate while separately adding the same fee.
- Calculate a baseline. Record the payment, total interest and payoff month with no extra payments.
- Test one change at a time. Add a monthly extra payment, shorten the term or change the rate. Compare interest saved, payoff time and each month’s balance.
- Check the contract. Verify fees, daily-interest rules, payment allocation and any federal benefits before making a financial decision.
Considering a new private loan to replace an existing one? Use the student loan refinance calculator for a side-by-side estimate. Planning ahead for education costs? Try the college savings calculator. The NUM8ERS tools hub lists more calculators.
Ways to reduce student loan interest without overlooking trade-offs
- Pay extra when affordable: extra principal can shorten repayment and reduce future interest. Keep enough cash for essential expenses and emergencies.
- Give allocation instructions: ask your servicer to apply the amount above the required payment to the balance you intend, and check whether it is placed in paid-ahead status.
- Compare term and total cost: a shorter term generally raises the payment but lowers total interest at the same fixed rate.
- Review eligible rate discounts: use only discounts for which you qualify and check any conditions such as autopay.
- Consider refinancing carefully: a lower private-loan rate can reduce interest, but refinancing a federal loan into a private one can remove federal repayment, deferment and forgiveness options. Compare the full contract.
Student loan calculator FAQs
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Official sources and review date
Reviewed 27 September 2026. The 2026–27 federal rate and fee examples, daily-interest explanation and payment-allocation guidance above come from these official U.S. sources. Rates and program rules can change; check the current pages when using this calculator.