Student Loan Calculator
Estimate your student loan payment, total interest and payoff date, and see what extra payments save
Your Loans
Goes straight to principal
School plus grace period; 0 if repaying now
Monthly payment
$340.64
Paid off in 10 yr · $10,877 in interest
Total interest
$10,877
Total repaid
$40,877
Time to pay off
10 yr
Standard plan interest
$10,877
$340.64 a month for 10 years
Balance over time
What you owe, including any unpaid interest
Principal vs interest
$40,877 repaid in total
Balance by Year
| Year | Monthly Payment | Balance at Year End |
|---|---|---|
| 1 | $340.64 | $27,797 |
| 2 | $340.64 | $25,447 |
| 3 | $340.64 | $22,940 |
| 4 | $340.64 | $20,264 |
| 5 | $340.64 | $17,410 |
| 6 | $340.64 | $14,364 |
| 7 | $340.64 | $11,114 |
| 8 | $340.64 | $7,647 |
| 9 | $340.64 | $3,947 |
| 10 | $340.64 | $0 |
Student Loan Repayment
Federal loans default to the 10-year standard plan with level payments. Graduated plans start lower and rise every two years, and extended plans stretch payments to 25 years (for borrowers with more than $30,000 in federal loans), lowering the payment but raising total interest. Income-driven plans base payments on income and aren't modeled here.
The Formulas
Payment = P × r ÷ (1 − (1 + r)^−n)
Interest before repayment = balance × rate × months ÷ 12
r = yearly rate ÷ 12
Federal loans accrue simple interest; extra payments reduce principal after interest is covered.
Paying Off Student Loans
- •Paying interest while in school keeps the balance from growing
- •Many servicers cut 0.25 points off the rate for automatic payments
- •Target extra payments at the highest-rate loan first
- •Refinancing federal loans privately gives up federal protections
- •Check whether you qualify for forgiveness programs before paying extra