Student Loan Repayment Calculator

Calculates the monthly payment, total interest and last payment date for one or more student loans on a standard plan with level payments. It also shows how much time and interest an extra payment each month would save.

How to use

1. Under "Your loans", enter each loan's "Balance" and "Interest rate"; press "Add a loan" for more.
2. Set the "Repayment term" (10 years by default) and the month of the "First payment".
3. Enter an "Extra payment each month" and choose "Highest rate first" or "Smallest balance first".
4. Read the "Monthly payment", "Total interest" and "Last payment", then the savings from the extra payment and the "Each loan" table.

How it works

• Each loan has its own level payment over the same term: payment = balance × r ÷ (1 − (1 + r)^−n), where r is the annual rate ÷ 12 and n is the number of months.
• The extra payment goes to one loan at a time in the order you choose. When a loan is paid off, its payment moves to the next one.
• Rates are fixed and interest is charged monthly at the rate ÷ 12, with no deferment or forbearance. Federal loans accrue interest daily, so real figures differ slightly.
• Your loans are saved in this browser on this device.

Questions and answers

How is a student loan payment calculated?

With the standard loan formula above. For example, $10,000 at 6% over 10 years gives a payment of about $111.02 a month.

What is the weighted average interest rate?

Each rate counts in proportion to its balance. $10,000 at 5% and $5,000 at 8% give (10,000 × 5 + 5,000 × 8) ÷ 15,000 = 6%.

Should extra payments go to the highest rate or the smallest balance?

Paying the highest rate first usually saves more interest, while the smallest balance first clears single loans sooner. Switch between the two options to compare the "Interest saved" figures.

Does it cover income-driven repayment or forgiveness?

No. Those plans follow rules that change, so the page links to the Federal Student Aid Loan Simulator instead.