FINANCE / LOANS
Student Loan
Calculator.
Estimate your monthly payment, then see how extra payments could reduce interest and shorten your repayment timeline.
Your estimate
ESTIMATED MONTHLY PAYMENT
Illustrative fixed-rate estimates using monthly interest. Actual lender calculations may differ.
WITH EXTRA MONTHLY PAYMENTS
View monthly repayment schedule
This schedule shows the extra-payment scenario. The final payment may be smaller than the scheduled amount.
| Month | Payment date | Payment | Interest | Principal | Balance |
|---|
UNDERSTAND THE RESULT
How this calculator works.
For a fixed-rate loan, the standard payment is calculated using the amortization formula. Each month, interest is estimated from the outstanding balance using the annual rate divided by 12. The rest of your payment reduces principal.
Enter an optional extra monthly amount to compare your standard repayment with a faster payoff. Extra payments are assumed to reduce principal immediately, without fees or prepayment penalties. The final payment is reduced to the amount still owed.
Important: Many student loans accrue interest daily, and actual results may vary due to servicer practices, deferment, capitalization, fees, or alternative repayment plans. These figures are estimates, not lender quotes or financial advice.
Want to take this further in Excel?
Learn to build the calculator in Excel, or explore the companion workbook for a more complete workflow.