Student Loan Payment Calculator
Calculate your student loan monthly payment, total interest, and payoff date. Compare extra-payment scenarios and see what paying $100 more saves. Free.
Student loans stretch long enough that the interest math hides in plain sight: a $30,000 balance at 6.8% over ten years is $345/month — and $11,449 of interest. This calculator shows the full amortization: payment, total interest, and the exact payoff date.
Then stress it: what happens with an extra $100 or $200 a month, or with a refinance at a lower rate? The savings are computed precisely, not guessed.
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Student Loan Payoff Calculator
See how extra payments accelerate your student loan payoff and save on interest.
Calculations are estimates. Federal student loan rules change frequently. Income-driven repayment plans may offer lower payments and loan forgiveness. This is not financial advice.
Student loan amortization — illustrated
Federal student loans amortize on a monthly schedule: each payment first covers accrued interest, then the remainder reduces principal. On a $45,000 balance at 6.5% with a $500 monthly payment, only about $256 of the first payment touches principal — the rest is interest. The standard 10-year plan runs 120 months, while income-driven plans (IBR, PAYE, SAVE) cap payments at 10–15% of discretionary income and forgive whatever remains after 20–25 years. Because interest accrues on the full outstanding balance, extra payments cut total interest disproportionately: for this loan, an extra $200/mo saves roughly $6,400.
The standard plan pays the balance down to zero in about 10 years; an income-driven plan keeps payments near the monthly interest, so the balance barely falls and is forgiven in year 25. Extra principal payments bend the standard curve down even faster.
Priya owes $45,000 in federal student loans at 6.5% and pays $500/mo on the standard repayment plan. This is what happens when she adds an extra $200/mo vs an income-driven alternative.
- Standard plan:124 months (~10.3 yr) · $16,871 total interest
- Add $200/mo:80 months (~6.7 yr) · $10,466 total interest
- Interest saved:$6,405 — and the loan is paid off 44 months earlier
- IDR alternative:Payment capped at 10–15% of discretionary income · balance forgiven after 20–25 yr
About this student loan payment calculator
This page covers how much will my student loan payment be, student loan interest calculator, pay off student loans faster calculator, loan payoff extra payment calculator — all the same underlying task as student loan payment calculator. The tool above is FreeToolHub's student loan calculator embedded in full: every feature works right here, and nothing you process is uploaded to any server.
Frequently asked questions
How is a student loan monthly payment calculated?
Standard amortization: payment = balance × [r(1+r)^n] ÷ [(1+r)^n − 1], where r is the monthly rate and n the number of payments. Federal loans default to 10-year terms; income-driven plans (SAVE, PAYE) compute payment from discretionary income instead, which this calculator approximates separately from the standard plan.
Does paying extra on student loans save interest?
Yes — extra payments go to principal, which shrinks every future month's interest accrual. An extra $100/month on that $30,000 @ 6.8% loan cuts roughly 2.5 years and $3,000+ of interest. Always direct extra payments to the loan with the highest rate first (avalanche method).