Free Student Loan Calculator - Calculate Payments & Interest
Calculate student loan payments, total interest, and repayment timelines with precision.
Formula & Methodology
For a fixed-rate student loan, the calculator converts the annual interest rate to a monthly rate and uses the loan balance, monthly rate, and number of monthly payments to calculate the required payment. Total interest is the sum of all scheduled payments minus the original principal.
- M = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ − 1]
- Total Interest = (M × n) − P
Worked Example
Using the Student Loan Calculator: apply the formula above to your input values. For instance, M = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ − 1], then Total Interest = (M × n) − P. The tool performs each step instantly and shows the result.
Frequently Asked Questions
How is my student loan payment calculated?
It uses your balance, interest rate and repayment term to compute a monthly payment and total interest.
Should I pay while still in school?
Paying interest during school on unsubsidized loans stops it from capitalizing and increasing your balance.
How can I pay off student loans faster?
Extra payments toward principal, refinancing at a lower rate, or higher monthly amounts all shorten the payoff.