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, payments, interest, and principal per payment.
Are you interested in refinancing your loan? Check out our Loan Refinance 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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