Student Loan Calculator
Your monthly student loan payment, the total interest and the payoff date, with any grace or deferment months and an optional refinance comparison.
Result…
How it's calculated
Grace interest = balance × yearly rate ÷ 12 × grace months (added to the balance or paid) Payment = B × i ÷ (1 − (1 + i)^−n), i = yearly rate ÷ 12 Total interest = grace interest + payment × n − B Refinance saving = current interest − new interest − fees
Works out a fixed monthly payment for a student loan from the balance, rate and repayment term. Interest from grace or deferment months is either added to the balance when repayment starts or paid as it builds up, and the total interest counts both. Turn on the refinance comparison to see the payment and interest at a new rate and term. It uses no country's government repayment plan rules.
Your numbers, step by step
About the Student Loan calculator
This student loan calculator works out the fixed monthly payment on a student loan, the total interest you will pay and the date of the last payment. Enter the balance, the yearly rate and the repayment term. If repayment has not started yet, add the grace or deferment months: interest still builds up in that time, and you choose whether it is added to the balance when repayment starts or paid as it goes. You can also turn on a refinance comparison to see the payment and the interest at a new rate and term, after any fees. It is useful when you are leaving study, weighing a refinance offer or planning a budget. The steps show every figure with your own numbers. It uses no country's government repayment plan rules, so check your loan terms for those.
How to use it
- Enter the “Loan balance”, the “Interest rate” and the “Repayment term” from your loan statement.
- If no payments are due yet, enter the “Grace or deferment” months and choose how the “Interest during the grace months” is handled.
- Set the “First payment date” to the first regular payment after any grace months.
- To weigh an offer, set “Compare a refinance” to Yes and enter the “New rate”, “New term” and any “Refinance fees”.
- Read the monthly payment, total interest and payoff date, then the refinanced payment and the saving after fees.
Worked example
A balance of 35,000 at 6.5% with 6 grace months builds up 1,137.50 of interest, so repayment starts on 36,137.50. Over 10 years the payment is 410.33 a month, the total interest is 14,240.08 and, with the first payment on 1 June 2027, the last is due on 1 May 2037. Refinancing that balance at 5% over 10 years with no fees gives a payment of 383.29 and saves 3,244.77 in interest.
Updated
Questions people ask
How do I calculate my student loan monthly payment?
Use the standard loan formula: balance × i ÷ (1 − (1 + i)^−n), where i is the yearly rate ÷ 12 and n is the number of monthly payments. The calculator does this for you and shows the working.
Does interest build up during a grace period or deferment?
On many student loans it does. The calculator works it out as simple interest on the balance for each grace month, then either adds it to the balance when repayment starts or treats it as paid along the way.
Is it worth refinancing a student loan?
Compare the refinanced payment and the saving after fees. A lower rate usually saves interest, but a longer new term can lower the payment while costing more in total, and the calculator shows when the saving is negative.
What is a common mistake when estimating student loan costs?
Leaving out the interest from grace or deferment months. When it is added to the balance, you pay interest on that interest for the rest of the loan.
What does this student loan calculator not cover?
It uses a fixed rate and level payments, and no government plans such as payments linked to income or forgiveness, whose rules differ by country. Refinancing can remove those benefits, so check with your loan servicer or a financial adviser before you switch. For extra payments, try the loan prepayment calculator.
How much interest will I pay on my student loan?
The calculator's total interest answers this: every payment minus the balance you started with. 30,000 at 6% over 10 years costs about 333.06 a month and 9,967.38 in interest. A longer term or grace-period interest added to the balance raises the total.