Student Loan Calculator
Calculate the monthly payment, total interest, and total cost of a student loan from the balance, rate, and term. Free and accurate.
- Monthly payment
- 325.58
- Total interest
- 9069.46
- Total paid
- 39069.46
How to use
- Enter the loan amount.
- Enter the annual interest rate and term in months.
- Read the monthly payment, total interest, and total paid.
Examples
- $30,000 at 5.5% / 120 mo:
payment $325.58 - 0% interest:
$5,000 over 12 mo → $416.67
FAQ
- What term should I use for federal student loans?
- The standard federal repayment plan spreads the balance over 10 years — that is 120 months. Enter 120 to model the default schedule.
- How is the monthly payment calculated?
- Payment = P·r·(1+r)^n / ((1+r)^n − 1), where P is the amount, r is the monthly rate (annual ÷ 12 ÷ 100), and n is the number of months. A standard 10-year plan uses 120 months.
- What is total interest?
- The total paid over the full term minus the original loan amount — the cost of borrowing.