This calculator assumes a fixed interest rate for the loan, but not all student loans have fixed rates.
A complete amortization table is available by clicking the Show Payment Schedule button below the graph. It displays a complete breakdown of the balance, amount paid, interest, and principal per payment.
Are you interested in refinancing your loan? Check out our Loan Refinance Calculator. Interested in consolidating multiple loans into one loan? Check out our Loan Consolidation Calculator.
Things to Consider With a Student Loan:
To calculate a monthly payment for an amortized student loan, use the formula:
P = principal, the amount being borrowed
r = monthly interest rate, eg a 7% annual loan would have an r value of = 0.07 / 12 = 0.005833
n = total number of payments (3 year loan = 12 * 3 = 36 payments)
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