Student Loan Calculator

Calculate your monthly student loan payments and visualize how extra payments slash interest costs.

Loan Information

Loan Balance ($)

Interest Rate (%)

Term (Years)

Accelerate Payoff

Extra Monthly Payment ($)

Applied directly to principal

Repayment Summary

Monthly Payment$325.58Standard repayment

Total Interest$9,069

Interest Saved-$0

Total Cost Breakdown

Overview

Student loan repayment involves paying back the borrowed principal plus interest over a fixed period. Interest is typically calculated daily and compounded monthly.

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Pro Tips

Making even small extra payments early in the loan term has a massive impact due to compounding interest savings.
Look into income-driven repayment (IDR) plans if your monthly payments are too high relative to your income.
Consider refinancing only if you can get a significantly lower interest rate and are comfortable giving up federal protections.
Set up autopay; most lenders offer a 0.25% interest rate deduction for automatic payments.

Fun Facts

Formula: M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]

Used with this

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