Student Loan Calculator Online
Work out your student loan monthly payment, payoff time and total interest right in your browser. Estimates only, not financial advice.
The Student Loan Calculator runs entirely in your browser. The balance, rate and term you enter stay on your device and are never uploaded to ArrayKit. Results are estimates only, not financial advice.
Open the Loan Calculator
About Student Loan Calculator
The Student Loan Calculator estimates the fixed monthly payment, total interest and payoff time for a federal or private student loan from the outstanding balance, interest rate and repayment term. It applies the standard amortization formula to spread principal and interest across every monthly payment, the same math lenders use for a standard repayment plan. Add an optional extra monthly payment to see how much sooner the balance would be paid off and how much interest that extra payment would save over the life of the loan. It is handy for comparing repayment plans, deciding whether to pay extra each month, or budgeting before your grace period ends. These are estimates only — not financial advice — always confirm final figures with your loan servicer. Everything runs locally in your browser; your balance and rate are never uploaded.
Features
- Computes the monthly payment for any balance, rate and term
- Shows total interest paid over the life of the student loan
- Optional extra monthly payment field to model faster payoff
- Reports the reduced payoff time when paying extra each month
- Reports the interest saved from an extra monthly payment
- Handles a 0% interest rate as an even principal-only split
- Copy a plain-text summary of the payment, payoff time and interest
- Runs entirely in your browser with no loan details sent anywhere
How to use the Student Loan Calculator
- Enter your outstanding student loan balance
- Enter the annual interest rate (APR) as a percentage
- Enter the repayment term in years
- Optionally add an extra monthly payment, then read the payment, payoff time and total interest
Example
Input
$30,000, 5%, 10 yr
Output
Monthly: $318.20
Total interest: $8,184
Common errors & troubleshooting
- The monthly payment looks far too high. — Check the interest rate field — enter the annual percentage as '5' for 5%, not '0.05', which the Student Loan Calculator would read as 0.05% instead of 5%.
- Results show an error banner instead of a payment. — Make sure the loan balance and term are greater than 0 — the Student Loan Calculator needs a positive balance and a term in years to amortize.
- The total interest seems different from what the servicer quoted. — Confirm the servicer's rate is a simple annual percentage compounded monthly; capitalized interest, fees, income-driven plans, or a variable rate will differ from this fixed-rate estimate.
- The extra payment field doesn't seem to change the payoff time. — Make sure the extra monthly payment is a positive number — leave it at 0 or blank to see the standard payoff time for the full term.
Frequently asked questions
- What does the Student Loan Calculator compute?
- It computes the fixed monthly payment, total interest and payoff time for a student loan, given the balance, annual interest rate and repayment term. It also shows the payoff time and interest saved when you add an extra monthly payment.
- What formula does the Student Loan Calculator use?
- The standard amortization formula: M = P·r·(1+r)^n / ((1+r)^n − 1), where P is the balance, r is the monthly interest rate, and n is the number of monthly payments. A 0% rate is treated as principal divided evenly across the term.
- How does the extra monthly payment option work?
- Enter an amount above the required monthly payment and the Student Loan Calculator simulates the loan month by month, showing how much sooner the balance reaches zero and how much interest that extra payment saves versus paying only the required amount.
- Does the Student Loan Calculator handle both federal and private loans?
- It models any fixed-rate amortized loan using balance, rate and term, so it works for federal standard repayment estimates and private student loans alike. It does not model income-driven repayment, forgiveness, or variable rates that change over time.
- Is the Student Loan Calculator's result financial advice?
- No. The Student Loan Calculator produces estimates only, not financial advice. Actual payments can differ due to capitalized interest, fees, a variable rate, or your servicer's specific repayment plan — always confirm final numbers with your loan servicer.
- Does the Student Loan Calculator send my loan balance anywhere?
- No. The Student Loan Calculator runs entirely in your browser. The balance, rate and term you enter stay on your device and are never uploaded to ArrayKit.
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