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Student Loan Calculator

Looking to understand your student loan payments better? Our Student Loan Calculator is a straightforward tool tailored for both federal and private loans. Easily estimate monthly repayments, total interest, and loan payoff dates. Whether you're a student or a parent, input your loan details and get precise, actionable insights. An essential tool for informed educational financial planning.

Student Loan Calculator

Loan amount
$
Loan term (years)
Loan term (years)*
Or
Loan term (months)
Loan term (months)*
Interest rate per year
%
Your student loan estimate
Monthly payment$96.66
Total Principal Paid$5,000.00
Total Interest Paid$799.84
Payoff DateFeb 2029
Apply for a federal loan by completing the Free Application for Federal Student Aid, or FAFSA.Start the FAFSA
Amortization schedule
This table lists how much principal and interest are paid in each scheduled loan payment.
Date
Principle
Interest
Monthly payment
Principal balance
Mar 2024
$71.66
$25.00
$96.66
$4,928.34
Apr 2024
$72.02
$24.64
$96.66
$4,856.31
May 2024
$72.38
$24.28
$96.66
$4,783.93
Jun 2024
$72.74
$23.92
$96.66
$4,711.19
Jul 2024
$73.11
$23.56
$96.66
$4,638.08
Aug 2024
$73.47
$23.19
$96.66
$4,564.61
Sep 2024
$73.84
$22.82
$96.66
$4,490.76
Oct 2024
$74.21
$22.45
$96.66
$4,416.55
Nov 2024
$74.58
$22.08
$96.66
$4,341.97
Dec 2024
$74.95
$21.71
$96.66
$4,267.02
Jan 2025
$75.33
$21.34
$96.66
$4,191.69
Feb 2025
$75.71
$20.96
$96.66
$4,115.98
Mar 2025
$76.08
$20.58
$96.66
$4,039.90
Apr 2025
$76.46
$20.20
$96.66
$3,963.44
May 2025
$76.85
$19.82
$96.66
$3,886.59
Jun 2025
$77.23
$19.43
$96.66
$3,809.36
Jul 2025
$77.62
$19.05
$96.66
$3,731.74
Aug 2025
$78.01
$18.66
$96.66
$3,653.74
Sep 2025
$78.40
$18.27
$96.66
$3,575.34
Oct 2025
$78.79
$17.88
$96.66
$3,496.55
Nov 2025
$79.18
$17.48
$96.66
$3,417.37
Dec 2025
$79.58
$17.09
$96.66
$3,337.79
Jan 2026
$79.98
$16.69
$96.66
$3,257.82
Feb 2026
$80.37
$16.29
$96.66
$3,177.44
Mar 2026
$80.78
$15.89
$96.66
$3,096.67
Apr 2026
$81.18
$15.48
$96.66
$3,015.49
May 2026
$81.59
$15.08
$96.66
$2,933.90
Jun 2026
$81.99
$14.67
$96.66
$2,851.91
Jul 2026
$82.40
$14.26
$96.66
$2,769.50
Aug 2026
$82.82
$13.85
$96.66
$2,686.68
Sep 2026
$83.23
$13.43
$96.66
$2,603.45
Oct 2026
$83.65
$13.02
$96.66
$2,519.81
Nov 2026
$84.06
$12.60
$96.66
$2,435.74
Dec 2026
$84.49
$12.18
$96.66
$2,351.26
Jan 2027
$84.91
$11.76
$96.66
$2,266.35
Feb 2027
$85.33
$11.33
$96.66
$2,181.02
Mar 2027
$85.76
$10.91
$96.66
$2,095.26
Apr 2027
$86.19
$10.48
$96.66
$2,009.07
May 2027
$86.62
$10.05
$96.66
$1,922.45
Jun 2027
$87.05
$9.61
$96.66
$1,835.40
Jul 2027
$87.49
$9.18
$96.66
$1,747.91
Aug 2027
$87.92
$8.74
$96.66
$1,659.99
Sep 2027
$88.36
$8.30
$96.66
$1,571.62
Oct 2027
$88.81
$7.86
$96.66
$1,482.82
Nov 2027
$89.25
$7.41
$96.66
$1,393.57
Dec 2027
$89.70
$6.97
$96.66
$1,303.87
Jan 2028
$90.14
$6.52
$96.66
$1,213.73
Feb 2028
$90.60
$6.07
$96.66
$1,123.13
Mar 2028
$91.05
$5.62
$96.66
$1,032.08
Apr 2028
$91.50
$5.16
$96.66
$940.58
May 2028
$91.96
$4.70
$96.66
$848.62
Jun 2028
$92.42
$4.24
$96.66
$756.20
Jul 2028
$92.88
$3.78
$96.66
$663.32
Aug 2028
$93.35
$3.32
$96.66
$569.97
Sep 2028
$93.81
$2.85
$96.66
$476.15
Oct 2028
$94.28
$2.38
$96.66
$381.87
Nov 2028
$94.75
$1.91
$96.66
$287.12
Dec 2028
$95.23
$1.44
$96.66
$191.89
Jan 2029
$95.70
$0.96
$96.66
$96.18
Feb 2029
$96.18
$0.48
$96.66
$0.00
How to Use the Student Loan Calculator

1. Enter Loan Amount:

Description: Start by inputting the principal amount of your loan. This is the original amount you borrowed or plan to borrow.

Default Value: If you're unsure, the calculator is set to a default value of $5,000.

2. Specify Loan Term:

In Years: Input the duration of your loan in terms of years. For example, if your loan term is 5 years and 6 months, enter 5.5.

In Months: Alternatively, you can specify the loan term in months. If you enter a value in years, the months will update automatically and vice-versa.

Default Value: The calculator defaults to 5 years or 60 months.

3. Input Interest Rate:

Description: Provide the annual interest rate for your loan. This rate is typically specified in your loan agreement or by your lender.

Default Value: If you're unsure of the interest rate, the calculator uses a default of 6%.

4. View Results:

Monthly Payments: This is the amount you'll need to pay each month over the duration of the loan term.

Total Principal Paid: This reflects the original loan amount.

Total Interest Paid: This shows the total interest you'll pay over the loan term.

Payoff Date: This indicates the month and year when your loan will be fully paid off, assuming timely monthly payments.

5. Amortization Table:

Description: Below the results, you'll find a detailed table that breaks down your monthly payments into principal and interest components. It also shows the remaining balance after each payment.

Columns Explained:

Date: The month and year of each payment.

Monthly Payment: The total amount paid that month.

Principal Paid: The portion of your monthly payment that goes towards reducing the loan principal.

Interest Paid: The portion of your monthly payment that goes towards interest.

Remaining Balance: The loan amount still owed after each payment.

6. Adjust & Recalculate:

If you want to see how different values affect your loan, simply adjust the loan amount, term, or interest rate. The results and amortization table will update automatically.

FAQs

What is the purpose of the Student Loan Calculator?
The Student Loan Calculator is designed to provide an estimate of monthly payments, total principal paid, total interest paid, and a detailed amortization table based on the loan amount, loan term, and interest rate provided.
    How do I use the calculator?
    Enter your desired loan amount, loan term in years or months, and the annual interest rate. The calculator will instantly provide you with an estimate of your monthly payments, the total interest, and principal paid over the duration of the loan.
      Why is an amortization table provided?
      An amortization table offers a month-by-month breakdown of your loan payments, showing how much of each payment goes towards the principal and interest. It also shows the remaining balance after each payment. This helps you understand how your loan is paid off over time.
        Can I use this calculator for loans other than student loans?
        Yes, while this calculator is designed with student loans in mind, it can be used for any type of fixed-term, fixed-rate loan, such as personal loans, mortgages, or auto loans.
          Why do I need to know the interest rate?
          The interest rate is essential as it determines how much extra (over and above the principal amount) you'll need to pay back over the duration of the loan. A higher interest rate will result in higher total payments over the life of the loan.
            The results show a "Payoff Date." What is that?
            The "Payoff Date" indicates the month and year by which your loan will be completely paid off, assuming you make the calculated monthly payments on time.
              How accurate is this calculator?
              This calculator provides an estimate based on the information you input. Actual loan payments may vary based on additional factors like fees, loan disbursement dates, payment schedule, and more. Always consult with your lender for precise loan details.
                Can I adjust the loan term after seeing the results?
                Yes, you can adjust the loan term in years or months. When you adjust the term in years, the months will update automatically and vice-versa. Adjusting the term will instantly update the results and the amortization table.
                  How is the interest on my loan calculated?
                  This calculator assumes a fixed interest rate, compounded monthly. This means the interest is calculated on the remaining balance of the loan each month.
                    Is my data stored or shared?
                    No, all calculations are done in real-time on your device. None of the data you enter is stored, shared, or transmitted elsewhere.