Student Loan Payments Calculator
A student loan repaid on the standard plan uses the same annuity formula as any other instalment loan. The balance, the rate and the term set the payment, and the term is usually the most powerful lever on total interest.
Monthly payment
$325.58
- Number of payments
- 120
- Total repaid
- $39,069.46
- Total interest
- $9,069.46
Values update as you type. This calculator covers the single scenario its formula assumes — see Common Mistakes for what it leaves out.
The formula this calculator uses
Payment = P x r x (1+r)^n / ((1+r)^n - 1)
- P
- Loan balance
- r
- Monthly interest rate
- n
- Number of monthly payments
- extra
- Additional payment toward principal each month
How to check the result by hand
- 1
Convert the rate to monthly
Divide the annual rate by twelve. A 5.5% annual rate is 0.4583% a month, or 0.004583 as a decimal.
- 2
Count the payments
Multiply the term in years by twelve. A ten-year loan has 120 payments.
- 3
Apply the annuity formula
Balance times monthly rate times the compounding factor, divided by the compounding factor minus one.
- 4
Multiply out the total
Payment times the number of payments gives the total repaid; subtract the balance for total interest.
- 5
Test an extra payment
Add a fixed amount to the payment each month and see how much the term shortens and the total interest falls.
For worked examples, common mistakes and the limits of this formula, read the full How To Calculate Student Loan Payments page.