Student loan calculator
See your monthly student loan payment
Enter your loan details to estimate your monthly payment, total interest and how much extra payments could save you.
Monthly payment Example
$340.64
Principal Interest
- Total interest
- $10,877
- Total paid
- $40,877
Estimates only. Your actual payment depends on your loan terms and repayment plan.
How this calculator works
This calculator is for fixed-rate loans, which includes all federal student loans and many private loans. It works out the monthly payment that pays off your loan by the end of the term you choose. Each payment covers that month's interest first, and the rest goes toward your balance.
If you have several loans, you can enter your total balance and an average interest rate for a rough estimate.
Payments on income-driven repayment plans, such as the Repayment Assistance Plan (RAP) or Income-Based Repayment, depend on your income and family size. To estimate those, use the official Loan Simulator at studentaid.gov.
How to lower your monthly payment
- Look at income-driven and other repayment plans for federal loans.
- Find out whether refinancing could get you a lower rate, and what you'd give up with federal loans.
- Sign up for autopay, which can lower your interest rate.
- Use our guide to paying off your student loans faster.
Questions people ask
How is my monthly student loan payment calculated?
For a fixed-rate loan, the payment is set so the loan is fully paid off by the end of the term. Each payment covers that month's interest, and the rest reduces your balance.
Does this calculator work for income-driven repayment plans?
No. Income-driven plans like RAP and IBR base your payment on your income and family size. Use the Loan Simulator at studentaid.gov to estimate those payments.
How much can extra payments save me?
Extra payments go toward your balance, so less interest builds up and you finish sooner. Enter an amount in the extra monthly payment field to see your savings.