Student Loan Calculator

Estimate your student loan payment, total interest, and total repayment, and compare standard and extended repayment terms.

Estimate student loan payment, total interest, and repayment cost using amortization.

Student loan amount

Interest rate

Repayment term

years

Monthly payment

$440

Total interest

$12,809

Total repayment

$52,809

Results are estimates for informational purposes only.

How to use this calculator

How student loan repayment works

Most student loans are repaid in fixed monthly payments over a set term. Federal loans default to a 10-year standard plan, and private lenders usually offer terms from 5 to 20 years. This calculator uses the standard amortization formula to show your monthly payment, the interest you will pay, and your total repayment for any balance, rate, and term.

If you have several loans at different rates, run each one separately or enter the total balance with a weighted average rate. Federal Direct Consolidation Loans use the weighted average of the loans being combined, rounded up to the nearest one-eighth of a percent.

Shorter vs longer repayment

On $40,000 at 5.8%, the 10-year term costs $440.08 a month and $12,809 in interest. Stretching repayment to 20 years lowers the payment to $281.98 but more than doubles the interest, to $27,674. Paying it off in 5 years costs $769.60 a month and only $6,176 in interest.

Extended, graduated, and income-driven plans can keep payments manageable when your income is low, and that breathing room can be worth the extra interest. Just remember that a lower payment almost always means a higher total cost.

What this calculator does not model

Interest that builds up while you are in school, during a grace period, or in deferment is not included. On unsubsidized loans that interest can be added to your balance when repayment begins, so enter the balance you expect to owe at that point.

Income-driven repayment plans set payments as a share of your income rather than by the loan formula, so their payments will differ from this estimate. The rules for these plans have changed several times in recent years; check studentaid.gov for the options currently available to you.

You can also review Loan Calculator and Loan Comparison Calculator to compare scenarios.

Formula

Monthly payment = P × r ÷ (1 − (1 + r)^−n), where P is the balance, r the monthly rate, and n the number of payments
Total repayment = monthly payment × n
Total interest = total repayment − balance

Example: $40,000 at 5.8% over 10 years

Monthly rate: 5.8% ÷ 12 ≈ 0.483%, over 120 payments.
Monthly payment: $440.08.
Total repayment: $52,809, including $12,809 of interest.
On a 20-year term the payment falls to $281.98, but total interest rises to $27,674.

Payment by repayment term

A $40,000 balance at 5.8% interest.

Repayment term	Monthly payment	Total interest	Total repayment
5 years	$770	$6,176	$46,176
10 years	$440	$12,809	$52,809
15 years	$333	$19,982	$59,982
20 years	$282	$27,674	$67,674
25 years	$253	$35,856	$75,856

Frequently asked questions

What is the monthly payment on $40,000 in student loans?

At 5.8% on a 10-year term, about $440 a month, with $12,809 in total interest. Over 20 years, the payment falls to about $282, but interest rises to about $27,674. Enter your actual rate above for an exact figure.

Should I pay off student loans early?

Paying early saves interest, especially on private or high-rate loans, and federal law bars prepayment penalties on both federal and private student loans. If you are working toward Public Service Loan Forgiveness, extra payments usually do not help, since the remaining balance is forgiven.

Does refinancing student loans save money?

It can if you qualify for a lower rate. The catch with federal loans is that refinancing them into a private loan permanently gives up federal benefits such as income-driven repayment, deferment options, and forgiveness programs.

Which loan should I pay down first?

To pay the least interest, make the minimum payment on every loan and send extra money to the one with the highest rate first. This is the avalanche method, and the debt payoff calculator can show how much time extra payments save.