Student Loan Monthly Payment Calculator
Calculate the fixed monthly payment, total repaid and total interest on a student loan from its balance, rate and term.
How it works
payment = balance × r ÷ (1 − (1 + r)^−n), where r = APR ÷ 12 and n = years × 12
A standard student loan uses the same fixed-payment amortization as a mortgage: each month you pay the interest accrued plus a slice of principal, and the payment is set so the balance hits zero at the end of the term. Early payments are mostly interest and later ones mostly principal. Stretching the term lowers the monthly payment but raises total interest, because the balance sits accruing for longer.
Worked example
A $30,000 balance at 5.5% APR over 10 years: the monthly rate is 0.4583% and there are 120 payments, giving a payment of about $325.59. Total repaid is roughly $39,071, so about $9,071 is interest.
Frequently asked questions
Does this cover federal income-driven repayment?
No — this is the standard fixed (amortized) plan. Income-driven plans set the payment from your income instead of the balance, can change yearly and may forgive a remaining balance later, so their totals differ from this estimate.
How can I pay less interest overall?
Choose a shorter term or add extra to principal each month. Both shrink the balance faster, and since interest is charged on the balance, less time and a smaller balance both cut the total interest.
What rate should I use?
Use your loan’s actual APR. Federal loan rates are fixed and set yearly; private loans may be fixed or variable and depend on credit. If you have several loans, run each separately or use a weighted-average rate.
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Educational estimate only, not financial advice. College prices, aid, interest rates and returns vary and change every year — confirm exact figures with the school’s financial-aid office or a licensed advisor.