Student Loan Calculator

Calculate your monthly payment, total interest, and see how extra payments shorten your payoff timeline.

Loan Details

Loan Amount ($)

Annual Interest Rate (%)

Repayment Term (years)

Extra Monthly Payment ($), optional

How Student Loan Payments Are Calculated

Standard repayment uses amortization: each payment covers that month's interest first, with the remainder reducing your principal. Early payments are mostly interest; later payments are mostly principal. A 10-year term at 6.53% on $30,000 results in a $340/month payment and about $10,800 in total interest paid.

The Power of Extra Payments

Extra payments go entirely to principal, reducing future interest charges. Even $50–$100/month extra can shave 1–2 years off a 10-year loan and save thousands. Always verify with your servicer that extra payments are applied to principal and not held as a future payment credit.

Frequently Asked Questions

Standard student loan payments use the amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate, and n is the number of payments. This ensures equal monthly payments that fully pay off the loan by the end of the term.

⚠️ Important Disclaimer

USLegalCalc.com provides estimates and document templates for informational purposes only. Results are not legal advice and vary by jurisdiction. Always consult a licensed attorney before making legal decisions.