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Student Loan Calculator
Student Loan Calculator
Calculate your monthly payments and see how extra payments impact your payoff date
$0
Monthly Payment
Including extra payments
Total Interest
$0
Time Saved
0 Months
Total Principal
$0
Total Cost Breakdown
About the Student Loan Calculator
Plan how to repay a student loan and see how extra payments shorten the term and cut interest.
How to use the Student Loan Calculator
- Enter the Loan Amount, Interest Rate (%) and Loan Term (Years).
- Add an Extra Monthly Payment if you plan to overpay.
- Press Calculate Payoff Plan.
Formula and method
Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1). Extra payments go straight to the balance.
When to use the Student Loan Calculator
- Estimating the monthly payment after you graduate.
- Seeing how extra payments cut the interest and shorten the loan.
- Comparing different repayment terms.
Common mistakes to avoid
- Ignoring interest that builds up while you are still studying.
- Making only the minimum payments on high-rate loans when you could pay more.
- Not checking the repayment options and protections that your loan type offers.
Tips
- Pay the highest-rate loans first if you have several.
- Check for income-driven plans or forgiveness options in your country.
- Interest may build up during study on some loans.
Frequently Asked Questions
If the rate is high, yes. If it is low, you may prefer to build savings or invest first.
It depends on the rate. High-rate loans are worth paying off early. For low-rate loans, some people prefer to save or invest first.
Unpaid interest that is added to the loan balance, so you then pay interest on it as well.