Student Loan Calculator

Use this calculator to find the monthly payment for a student loan. The additional payment option shows how much interest and time is saved when you pay ahead even a little.
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Student Loan Calculator Details:

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.

Field Summary:

  • Loan Amount - how much you are borrowing.
  • Loan Term in Years - how many years the student loan will last.
  • Interest Rate - the interest rate the bank will charge you for this loan.
  • Additional Monthly Payment - the extra amount you want to pay each month in addition to the minimum monthly payment (optional, but highly recommended to at least play with it and see the impact).

Things to Consider With a Student Loan:

  • By making an additional monthly payment you can make back a lot of money and time from the loan. There is nothing wrong with paying ahead on a loan and it is a great habit to get into. Some loans (from really crappy, evil companies) do have prepayment penalties, so check into that before signing.

The Math:

To calculate a monthly payment for an amortized student loan, use the formula:

monthly payment equation for a loan

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)

DISCLAIMER: This calculator is provided for educational purposes and should not be considered financial or investment advice. We have checked the equations and code used and we think they are right. However, we offer you no guarantee of accuracy. If you find a bug please let us know so we can fix it for you!

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