Student Loan Calculator
Calculate the monthly payment, total interest, and total cost of a student loan from the balance, rate, and term. Free and accurate.
Calculator by Toolsloft ↗- Monthly payment
- $325.58
- Total interest
- $9,069.46
- Total paid
- $39,069.46
Enter your loan balance, annual interest rate, and term in months to see the fixed monthly payment, the total interest, and the total cost over the life of the loan. It is handy when you want to model the standard 10-year federal plan (120 months) or compare what a different rate or term does to your total payout.
How this is calculated
The monthly payment uses the standard amortized loan formula, payment = P*r*(1+r)^n / ((1+r)^n - 1), where P is the balance, r is the annual rate divided by 12, and n is the number of months; total interest is the sum of payments minus the original balance. When the rate is zero, the payment is simply the balance divided by the number of months.
How to use
- Enter the loan amount.
- Enter the annual interest rate and term in months.
- Read the monthly payment, total interest, and total paid.
Examples
- $30,000 at 5.5% / 120 mo:
payment $325.58 - 0% interest:
$5,000 over 12 mo → $416.67
FAQ
- What term should I use for federal student loans?
- The standard federal repayment plan spreads the balance over 10 years, that is 120 months. Enter 120 to model the default schedule.
- How is the monthly payment calculated?
- Payment = P·r·(1+r)^n / ((1+r)^n − 1), where P is the amount, r is the monthly rate (annual ÷ 12 ÷ 100), and n is the number of months. A standard 10-year plan uses 120 months.
- What is total interest?
- The total paid over the full term minus the original loan amount, the cost of borrowing.