Student Loan Calculator: Payment, Interest and Payoff

1. Enter your loan balance, annual interest rate and repayment term in years.
2. If you paused payments, add the deferment or grace months, then choose unsubsidized (interest builds up) or subsidized (no interest), and whether unpaid interest capitalizes when repayment starts.
3. Set the first repayment date, add any extra monthly payment, and read the payment, total interest and payoff date. Scroll the schedule and switch between yearly and monthly views.

What each result tells you:

A student loan calculator is a tool that estimates your monthly payment, the total interest you will pay and the date your loan is paid off. It uses the standard amortization formula, the same math behind any fixed-rate installment loan.

This version adds optional handling for deferment and grace periods, when you are not making payments. It does not assume any loan program or rate. You tell it the rate, the term, whether interest accrues while payments are paused, and whether that interest is added to your balance. To understand how interest builds, see how student loan interest works.

With a fixed-rate loan, the payment stays the same each month. Early on, more of each payment is interest; later, more is principal.

1. Interest for the month = current balance x r.
2. Principal for the month = payment - interest, plus any extra you pay.
3. New balance = old balance - principal. The next month starts lower.
4. The last payment is trimmed so the balance lands at exactly zero.

Because interest is charged on the balance, extra principal early in the loan removes the most future interest.

A borrower owes 30,000 at a 5 percent annual rate and repays over 10 years, with the first payment in November 2026 and no deferment.

Meaning: at 5 percent over 10 years the loan costs 8,183.59 in interest. Adding 50 a month saves about 1,081 in interest and ends the loan more than a year early. Your own numbers depend on the rate and term you enter.

With deferment: if the same 30,000 is unsubsidized and sits in 12 months of deferment, simple interest of 30,000 x 0.05 x 1 = 1,500 accrues. If that interest capitalizes, repayment starts on 31,500, the payment rises to about 334.11, and total interest over the 10 years becomes 8,592.76. Subsidized loans, or choosing not to capitalize, change this result.

A few inputs drive almost everything in the schedule.

Interest Rate

On a 30,000 balance over 10 years, each point of rate changes the total interest by thousands. Enter the exact rate from your own loan, not a typical or assumed figure.

Repayment Term

A shorter term raises the monthly payment but cuts total interest. A longer term lowers the payment but you pay more interest over time.

Deferment and Capitalization

If interest accrues while payments are paused and then capitalizes, your balance grows before you ever make a payment, and you pay interest on that interest for the rest of the loan.

Extra Payments

Any amount above the required payment goes straight to principal and removes future interest. Earlier extra payments save the most.

Deferment handling is the main difference between loans, and this tool leaves the choice to you rather than assuming a program.

The actual rules depend on your loan type and servicer. Use these toggles to match your own loan, and confirm the details with your servicer.

Before You Borrow

Compare terms and rates to see the monthly payment and total interest before you sign.

During School or a Grace Period

Enter deferment months to see how much interest builds up and whether paying it before it capitalizes is worth it.

When You Have Extra Cash

Test an extra monthly amount to see the interest and months it removes. To plan a strategy, read how to pay off student loans faster.

When Reviewing Your Budget

Check your payment against your income with the debt-to-income ratio calculator.

1. Ignoring Interest During Deferment

On unsubsidized loans, interest keeps building while you are not paying. Paying even the interest during school can stop it from capitalizing.

2. Assuming a Rate You Do Not Have

Rates differ by loan type, year and lender. Always enter the rate on your own loan rather than a figure you saw quoted somewhere.

3. Confusing Rate and APR

Fees can make the APR higher than the note rate. Compare offers with the APR calculator.

4. Only Making the Minimum

A small extra payment each month can remove years of payments and a large share of interest.

5. Treating Every Loan the Same

If you have several loans, run each one separately, then consider whether consolidating helps with the debt consolidation calculator.

The math matches the standard fixed-rate amortization formula, so differences from a servicer usually come from rounding or from rules this tool does not model.

It uses the amortization formula Payment = P x r / (1 - (1 + r)^-n), where P is the balance, r is the annual rate divided by 12, and n is the number of months. A 30,000 balance at 5 percent over 10 years is about 318.20 a month.

It pauses payments. On a subsidized loan no interest accrues. On an unsubsidized loan interest keeps building, and if it capitalizes it is added to your balance when repayment starts, so you then pay interest on it.

It is unpaid interest that is added to your principal balance. After it capitalizes, future interest is charged on the larger balance, which raises both the payment and the total you repay.

With a subsidized loan, interest does not accrue during the deferment months you enter. With an unsubsidized loan it does. This tool lets you pick either so it matches your own loan.

No. It assumes no rate or program. You enter the exact rate on your own loan, and the example rates on this page are illustrations only.

It depends on your balance, rate and how early you start. Enter an amount in the extra payment field and the tool shows the interest and the number of months it removes.

Use the term of your plan. A standard plan is often 10 years, but terms vary. A shorter term means a higher payment and less total interest; a longer term means the reverse.

Enter your first repayment date and loan details. The payoff date result shows the calendar month of your final payment, including the effect of any extra payments.

Run each loan on its own for the most accurate result, since rates and terms differ. You can then add the payments together to see your total.

No. The calculation runs in your browser and nothing is sent to our servers. Anything you choose to Save stays in this browser only.

• Standard loan amortization formula (Corporate Finance Institute, amortization schedule reference).
• How student loan interest works (MultiCalculators explainer).
• How to pay off student loans faster (MultiCalculators guide).