Student Loan Calculator

Standard payment, schedule, and extra principal on a fixed student loan. Not income-driven. Estimates only.

Smart Tips

• The standard payment is the level amount that pays the balance off over the term you enter.

• Ten years is the usual placeholder. Change the term if your note is different.

• Extra principal is optional and stays on this page.

• Income-driven repayment, IBR, and PSLF are not calculated here.

The Formula

Payment = P × r(1+r)^n / ((1+r)^n − 1)

P= Balance
Amount still owed

r= Monthly rate
Annual rate ÷ 12

n= Months
Years × 12

Extra= Added principal
Paid after interest each month

Interest this month is the balance × monthly rate, rounded to the cent. Extra principal is added to the standard payment. Interest saved is the interest on the standard schedule minus the interest when the extra amount is included. At 0% interest that saved amount is zero.

Key Insights

Standard payment only

One fixed payment amortizes the balance. The payment does not change with income.

Extra principal

Adding to the payment each month can finish the loan early and cut interest.

Not a forgiveness model

Public Service Loan Forgiveness and income-driven plans need income, family size, and qualifying work. Those are not on this page.

One rate you type

Subsidized and unsubsidized status is not chosen here. Use the rate on the loan.

Frequently Asked Questions

The standard fixed payment that amortizes the balance over the term you enter. Ten years is the usual term, and you can change it. It is not an income-driven payment.

It is added to the standard payment each month, after interest. It can pay the loan off before the term ends and reduce total interest.

No. Those programs depend on income, family size, and qualifying employment. This page is the fixed standard payment only.

No. You type the rate that applies to the balance. The page does not model in-school deferment or an interest subsidy.

Each year’s interest, principal including any extra payment, the amount paid, and the balance at the end of that year.

The standard amortization formula. Interest this month is balance × annual rate ÷ 12. Extra principal is added after interest. No U.S. Department of Education repayment plan or forgiveness table is used. Source: Federal Student Aid repayment plans: https://studentaid.gov/manage-loans/repayment/plans.

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Monthly payment

Enter values to calculate

Total interest

Interest saved

Payoff

Total paid

Note:This is the standard fixed payment plus optional extra principal. It is not an income-driven plan, IBR, or PSLF, and it is not a servicer payoff quote.