Student Loan Calculator
Find your monthly student loan payment, total interest, and full payoff cost in seconds.
Example
A $30,000 loan at 6.5% over 10 years (120 months): monthly rate r = 6.5/100/12 = 0.0054167, so M = 30000 × 0.0054167 / (1 − 1.0054167−120) = $340.64/month. Total paid is $40,877.27 with $10,877.27 in interest. Turning on grace accrual for 6 months capitalizes $975 of interest, raising the payment to $351.71 and total interest to $12,205.78.
How it works
Enter your loan balance, annual interest rate, and repayment term; the tool applies the standard amortization formula M = P*r/(1-(1+r)^-n). Toggle grace-period accrual to capitalize interest that builds up before repayment starts.
Good to know
This Student Loan Calculator turns four inputs — loan balance, annual interest rate, repayment term in years, and an optional grace period — into a monthly payment, the total interest you'll pay, the total amount repaid, and an estimated payoff month. It's aimed at students comparing offers, recent graduates planning a budget around their first bill, or anyone trying to see the real lifetime cost of a fixed-rate loan rather than just the sticker amount borrowed.
The standout feature is the grace-period accrual toggle. On many loans (particularly unsubsidized ones) interest keeps building during the months after you leave school but before payments start. Switch the toggle to "Yes (capitalize)" and the tool calculates simple interest over those grace months, folds it into your principal, and amortizes from that larger balance — which is why the payment and total interest both climb. The "Grace interest" stat shows exactly how many dollars that capitalization added.
When reading the results, focus on the gap between "Total paid" and your loan amount: that difference is the "Total interest" figure, and the Principal vs. Interest bars below give you a quick visual sense of how much of your repayment is cost versus the money you actually borrowed. A longer term lowers the monthly payment but usually raises total interest, so it's worth running a few term lengths side by side.
One caveat to keep in mind: this is a fixed-rate, equal-payment estimate with no fees, prepayments, or income-driven adjustments, and your servicer may use daily compounding or different capitalization rules. Use the number to plan and compare, then confirm the exact figures on your loan disclosure or with your servicer before committing.
Frequently asked questions
What does the grace-period accrual option do?
Many student loans (especially unsubsidized ones) keep charging interest during the grace period after you leave school. With accrual on, the tool computes simple interest on your balance over the grace months, adds (capitalizes) it to your principal, and amortizes from that larger balance, which raises both your payment and total interest.
Does this account for fixed vs variable rates or extra payments?
No. It assumes a single fixed annual rate, equal monthly payments, and no extra payments or fees. Variable-rate loans, income-driven plans, and prepayments will change your actual payoff, so treat the result as a planning estimate.
Is my data uploaded anywhere?
No — this calculator runs entirely in your browser; nothing is uploaded.
Is this financial advice?
No. These are educational estimates — consult a qualified financial professional before making decisions.
People also ask
How is a student loan monthly payment calculated?
It uses the standard amortization formula M = P*r/(1-(1+r)^-n), where P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. This spreads the balance plus interest into equal payments across the full term.
Does a longer repayment term lower my monthly payment?
Yes, stretching the same loan over more years reduces each monthly payment because the balance is divided across more installments. However, you typically pay more total interest over the life of the loan since interest accrues for longer.
What does it mean to capitalize interest on a student loan?
Capitalizing means unpaid interest that built up (for example during a grace period or deferment) is added to your principal balance. After that, you pay interest on the larger balance, which increases both your monthly payment and total interest.
Is interest charged on student loans while you are still in school?
It depends on the loan type. Subsidized loans generally do not accrue interest while you're enrolled at least half-time, while unsubsidized and most private loans do accrue interest during school and grace periods.
How can I reduce the total interest I pay on a student loan?
Common factors that lower total interest include a shorter repayment term, a lower interest rate, and making extra or earlier payments toward principal. Paying interest before it capitalizes can also reduce the balance that future interest is calculated on.
What is a student loan grace period?
A grace period is a set window (often around six months) after you leave school or drop below half-time enrollment before repayment begins. Depending on the loan, interest may still accrue during this time even though no payments are due.
Does this calculator work for both federal and private student loans?
It can estimate any single fixed-rate loan with equal monthly payments, so it works for the basic math of either federal or private loans. It does not model income-driven repayment plans, variable rates, fees, or loan-specific forgiveness rules.
Why does my actual loan payment differ from this estimate?
Differences usually come from variable interest rates, origination fees, daily interest compounding, different capitalization timing, or repayment plans like income-driven options. The calculator assumes a single fixed rate and standard amortization, so treat its output as a planning estimate.
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