Free Student Loan Calculator
Estimate your student loan payments, total interest, repayment time, and potential savings from making additional monthly payments.
Enter Your Student Loan Information
Your Student Loan Results
Standard Monthly Payment
$397.42
Original Student Loan Balance
$35,000.00
Standard Total Interest
$12,690.15
Standard Total Repayment
$47,690.15
Standard Repayment Time
10 years, 0 months
Monthly Payment With Extra
$497.42
Total Interest With Extra Payments
$9,186.19
Total Repayment With Extra Payments
$44,186.19
Repayment Time With Extra Payments
7 years, 5 months
Estimated Interest Savings
$3,503.97
Estimated Time Saved
2 years, 7 months
Student Loan Calculator — Frequently Asked Questions
How are student loan payments calculated?
For a fixed-rate loan with standard monthly payments, the payment is calculated using the loan balance, interest rate, and repayment term.
Can extra payments reduce student loan interest?
Yes. Additional payments applied to principal can reduce the outstanding balance faster, potentially saving interest and shortening repayment time.
Does this calculator work for federal student loans?
It can estimate payments for fixed-rate federal student loans using a standard repayment schedule. It does not calculate income-driven repayment plans, loan forgiveness, deferment, or special repayment programs.
Are the results exact?
Results are estimates. Actual payments and interest may vary based on your lender's interest accrual method, payment dates, fees, and loan terms.
Educational estimates only. This calculator assumes a fixed interest rate, monthly compounding, regular monthly payments, and extra payments applied directly toward principal. It excludes fees, variable interest rates, income-driven repayment, and forgiveness programs. Actual student loan servicers may calculate interest daily.