Student Loan Calculator
Compare repayment plans and calculate your monthly student loan payments, total interest, and overall cost.
Your Results
Monthly Payment
$379.84
Total Interest
$10,581.04
Total Cost
$45,581.04
Repayment Plan
Standard (10 years)
Compare All Repayment Plans
| Standard (10yr) | Extended (25yr) | Graduated (10yr) | |
|---|---|---|---|
| Monthly Payment | $379.84 | $214.93 ✓ | $227.91 |
| Total Interest | $10,581.04 ✓ | $29,479.19 | $14,569.69 |
| Total Cost | $45,581.04 ✓ | $64,479.19 | $49,569.69 |
Payment Breakdown
Principal vs Interest
Remaining Balance
Amortization Schedule
| Yr | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $4,558.10 | $2,700.50$2,700.50 | $1,857.60$1,857.60 | $32,299.50$32,299.50 |
| 2 | $4,558.10 | $2,852.83$2,852.83 | $1,705.27$1,705.27 | $29,446.66$29,446.66 |
| 3 | $4,558.10 | $3,013.76$3,013.76 | $1,544.35$1,544.35 | $26,432.91$26,432.91 |
| 4 | $4,558.10 | $3,183.76$3,183.76 | $1,374.35$1,374.35 | $23,249.15$23,249.15 |
| 5 | $4,558.10 | $3,363.34$3,363.34 | $1,194.76$1,194.76 | $19,885.80$19,885.80 |
| 6 | $4,558.10 | $3,553.06$3,553.06 | $1,005.04$1,005.04 | $16,332.74$16,332.74 |
| 7 | $4,558.10 | $3,753.48$3,753.48 | $804.62$804.62 | $12,579.26$12,579.26 |
| 8 | $4,558.10 | $3,965.21$3,965.21 | $592.89$592.89 | $8,614.05$8,614.05 |
| 9 | $4,558.10 | $4,188.88$4,188.88 | $369.22$369.22 | $4,425.17$4,425.17 |
| 10 | $4,558.10 | $4,425.17$4,425.17 | $132.94$132.94 | $0.00$0.00 |
How Does a Student Loan Calculator Work?
A student loan calculator estimates your monthly payments and total repayment costs based on your loan amount, interest rate, and chosen repayment plan. It uses standard amortization formulas to break down each payment into principal and interest components, giving you a clear picture of how your debt will be paid off over time.
The Standard repayment plan spreads your loan over 10 years with fixed monthly payments. This is the fastest way to pay off your loan and results in the least total interest paid. However, the monthly payments are higher compared to other plans.
The Extended repayment plan stretches payments over 25 years, significantly reducing your monthly obligation. While this makes payments more manageable, you will pay substantially more in total interest over the life of the loan.
The Graduated repayment plan also spans 10 years but starts with lower payments that increase every two years. This can be a good option if you expect your income to grow over time, though it typically costs more in total interest than the standard plan.
Use the comparison panel above to see exactly how much each plan costs and choose the option that best fits your budget and financial goals.
Frequently Asked Questions
What is a student loan calculator?
A student loan calculator is a free online tool that helps you estimate your monthly payments, total interest costs, and overall repayment amount based on your loan balance, interest rate, and chosen repayment plan. It allows you to compare different repayment options side by side.
What are the different student loan repayment plans?
The three main repayment plans are: Standard (10-year fixed payments), Extended (25-year fixed payments with lower monthly costs but more total interest), and Graduated (10-year plan where payments start low and increase every two years). Each plan has trade-offs between monthly affordability and total cost.
How is student loan interest calculated?
Student loan interest is typically calculated daily based on your outstanding principal balance. The daily interest rate is your annual rate divided by 365.25. Each month, a portion of your payment covers the accrued interest, and the remainder reduces your principal balance.
Should I choose a standard or extended repayment plan?
A standard 10-year plan has higher monthly payments but saves you significantly on total interest. An extended 25-year plan lowers your monthly payment but can cost thousands more in interest over the life of the loan. Use the comparison feature above to see the exact difference for your loan amount.