Transparent method
The formula
Worked example
Example inputs
How to interpret the result
A federal or private student loan on a fixed rate amortizes like any installment loan, and the term sets the trade between payment and interest. On $30,000 at 6 percent, ten years costs about $333 a month and $9,967 of interest, five years costs about $580 and $4,799, and twenty years costs about $215 and $21,583. The standard plan is a baseline. Income-driven and extended plans lower the payment by stretching the time, and the extra interest is the price.
Before you rely on it
What to check
Compare the payment with your expected take-home pay in the first years after graduation, and check the actual rate on each loan. Private and federal loans can carry very different terms.
The common error
Where people go wrong with student loan payment calculator
Choosing the longest term to make the payment small and then never paying extra. The interest total on a twenty year term is more than double the ten year figure here.
Sensitivity evidence
How annual interest rate changes the monthly payment
| Annual interest rate | Monthly payment | Total interest |
|---|---|---|
| 4.0% | $304 | $6,448 |
| 5.0% | $318 | $8,184 |
| 6.0%worked example | $333 | $9,967 |
| 7.0% | $348 | $11,799 |
| 8.0% | $364 | $13,678 |
Every input, tested
Which input moves the monthly payment most
| Input | Tested from | To | Monthly payment at each end | Swing |
|---|---|---|---|---|
| Loan term | 7.0 years | 13.0 years | $438 to $277 | $161 (48%) |
| Loan amount | $27,000 | $33,000 | $300 to $366 | $67 (20%) |
| Annual interest rate | 5.0% | 7.0% | $318 to $348 | $30 (9.0%) |
Two variables at once
Monthly payment by annual interest rate and loan amount
| Annual interest rate \ Loan amount | $24,000 | $30,000 | $36,000 |
|---|---|---|---|
| 4.0% | $243 | $304 | $364 |
| 5.0% | $255 | $318 | $382 |
| 6.0% | $266 | $333 | $400 |
| 7.0% | $279 | $348 | $418 |
| 8.0% | $291 | $364 | $437 |
Step by step
The worked example, input by input
| Input | Value used |
|---|---|
| Loan amount | $30,000 |
| Annual interest rate | 6.0% |
| Loan term | 10.0 years |
| Monthly payment | $333 |
| Total interest | $9,967 |
Complete evidence
Full amortization schedule
Show all 120 rows
| Payment | Opening balance | Principal | Interest | Ending balance |
|---|---|---|---|---|
| Payment 1 | $30,000 | $183 | $150 | $29,817 |
| Payment 2 | $29,817 | $184 | $149 | $29,633 |
| Payment 3 | $29,633 | $185 | $148 | $29,448 |
| Payment 4 | $29,448 | $186 | $147 | $29,262 |
| Payment 5 | $29,262 | $187 | $146 | $29,075 |
| Payment 6 | $29,075 | $188 | $145 | $28,888 |
| Payment 7 | $28,888 | $189 | $144 | $28,699 |
| Payment 8 | $28,699 | $190 | $143 | $28,510 |
| Payment 9 | $28,510 | $191 | $143 | $28,319 |
| Payment 10 | $28,319 | $191 | $142 | $28,128 |
| Payment 11 | $28,128 | $192 | $141 | $27,935 |
| Payment 12 | $27,935 | $193 | $140 | $27,742 |
| Payment 13 | $27,742 | $194 | $139 | $27,547 |
| Payment 14 | $27,547 | $195 | $138 | $27,352 |
| Payment 15 | $27,352 | $196 | $137 | $27,156 |
| Payment 16 | $27,156 | $197 | $136 | $26,959 |
| Payment 17 | $26,959 | $198 | $135 | $26,760 |
| Payment 18 | $26,760 | $199 | $134 | $26,561 |
| Payment 19 | $26,561 | $200 | $133 | $26,361 |
| Payment 20 | $26,361 | $201 | $132 | $26,160 |
| Payment 21 | $26,160 | $202 | $131 | $25,957 |
| Payment 22 | $25,957 | $203 | $130 | $25,754 |
| Payment 23 | $25,754 | $204 | $129 | $25,550 |
| Payment 24 | $25,550 | $205 | $128 | $25,344 |
| Payment 25 | $25,344 | $206 | $127 | $25,138 |
| Payment 26 | $25,138 | $207 | $126 | $24,931 |
| Payment 27 | $24,931 | $208 | $125 | $24,722 |
| Payment 28 | $24,722 | $209 | $124 | $24,513 |
| Payment 29 | $24,513 | $210 | $123 | $24,302 |
| Payment 30 | $24,302 | $212 | $122 | $24,091 |
| Payment 31 | $24,091 | $213 | $120 | $23,878 |
| Payment 32 | $23,878 | $214 | $119 | $23,664 |
| Payment 33 | $23,664 | $215 | $118 | $23,450 |
| Payment 34 | $23,450 | $216 | $117 | $23,234 |
| Payment 35 | $23,234 | $217 | $116 | $23,017 |
| Payment 36 | $23,017 | $218 | $115 | $22,799 |
| Payment 37 | $22,799 | $219 | $114 | $22,580 |
| Payment 38 | $22,580 | $220 | $113 | $22,360 |
| Payment 39 | $22,360 | $221 | $112 | $22,139 |
| Payment 40 | $22,139 | $222 | $111 | $21,916 |
| Payment 41 | $21,916 | $223 | $110 | $21,693 |
| Payment 42 | $21,693 | $225 | $108 | $21,468 |
| Payment 43 | $21,468 | $226 | $107 | $21,242 |
| Payment 44 | $21,242 | $227 | $106 | $21,016 |
| Payment 45 | $21,016 | $228 | $105 | $20,788 |
| Payment 46 | $20,788 | $229 | $104 | $20,558 |
| Payment 47 | $20,558 | $230 | $103 | $20,328 |
| Payment 48 | $20,328 | $231 | $102 | $20,097 |
| Payment 49 | $20,097 | $233 | $100 | $19,864 |
| Payment 50 | $19,864 | $234 | $99 | $19,630 |
| Payment 51 | $19,630 | $235 | $98 | $19,396 |
| Payment 52 | $19,396 | $236 | $97 | $19,159 |
| Payment 53 | $19,159 | $237 | $96 | $18,922 |
| Payment 54 | $18,922 | $238 | $95 | $18,684 |
| Payment 55 | $18,684 | $240 | $93 | $18,444 |
| Payment 56 | $18,444 | $241 | $92 | $18,203 |
| Payment 57 | $18,203 | $242 | $91 | $17,961 |
| Payment 58 | $17,961 | $243 | $90 | $17,718 |
| Payment 59 | $17,718 | $244 | $89 | $17,473 |
| Payment 60 | $17,473 | $246 | $87 | $17,228 |
| Payment 61 | $17,228 | $247 | $86 | $16,981 |
| Payment 62 | $16,981 | $248 | $85 | $16,733 |
| Payment 63 | $16,733 | $249 | $84 | $16,483 |
| Payment 64 | $16,483 | $251 | $82 | $16,233 |
| Payment 65 | $16,233 | $252 | $81 | $15,981 |
| Payment 66 | $15,981 | $253 | $80 | $15,728 |
| Payment 67 | $15,728 | $254 | $79 | $15,473 |
| Payment 68 | $15,473 | $256 | $77 | $15,217 |
| Payment 69 | $15,217 | $257 | $76 | $14,961 |
| Payment 70 | $14,961 | $258 | $75 | $14,702 |
| Payment 71 | $14,702 | $260 | $74 | $14,443 |
| Payment 72 | $14,443 | $261 | $72 | $14,182 |
| Payment 73 | $14,182 | $262 | $71 | $13,920 |
| Payment 74 | $13,920 | $263 | $70 | $13,656 |
| Payment 75 | $13,656 | $265 | $68 | $13,391 |
| Payment 76 | $13,391 | $266 | $67 | $13,125 |
| Payment 77 | $13,125 | $267 | $66 | $12,858 |
| Payment 78 | $12,858 | $269 | $64 | $12,589 |
| Payment 79 | $12,589 | $270 | $63 | $12,319 |
| Payment 80 | $12,319 | $271 | $62 | $12,048 |
| Payment 81 | $12,048 | $273 | $60 | $11,775 |
| Payment 82 | $11,775 | $274 | $59 | $11,501 |
| Payment 83 | $11,501 | $276 | $58 | $11,225 |
| Payment 84 | $11,225 | $277 | $56 | $10,948 |
| Payment 85 | $10,948 | $278 | $55 | $10,670 |
| Payment 86 | $10,670 | $280 | $53 | $10,390 |
| Payment 87 | $10,390 | $281 | $52 | $10,109 |
| Payment 88 | $10,109 | $283 | $51 | $9,826 |
| Payment 89 | $9,826 | $284 | $49 | $9,542 |
| Payment 90 | $9,542 | $285 | $48 | $9,257 |
| Payment 91 | $9,257 | $287 | $46 | $8,970 |
| Payment 92 | $8,970 | $288 | $45 | $8,682 |
| Payment 93 | $8,682 | $290 | $43 | $8,392 |
| Payment 94 | $8,392 | $291 | $42 | $8,101 |
| Payment 95 | $8,101 | $293 | $41 | $7,809 |
| Payment 96 | $7,809 | $294 | $39 | $7,515 |
| Payment 97 | $7,515 | $295 | $38 | $7,219 |
| Payment 98 | $7,219 | $297 | $36 | $6,922 |
| Payment 99 | $6,922 | $298 | $35 | $6,624 |
| Payment 100 | $6,624 | $300 | $33 | $6,324 |
| Payment 101 | $6,324 | $301 | $32 | $6,023 |
| Payment 102 | $6,023 | $303 | $30 | $5,720 |
| Payment 103 | $5,720 | $304 | $29 | $5,415 |
| Payment 104 | $5,415 | $306 | $27 | $5,109 |
| Payment 105 | $5,109 | $308 | $26 | $4,802 |
| Payment 106 | $4,802 | $309 | $24 | $4,493 |
| Payment 107 | $4,493 | $311 | $22 | $4,182 |
| Payment 108 | $4,182 | $312 | $21 | $3,870 |
| Payment 109 | $3,870 | $314 | $19 | $3,556 |
| Payment 110 | $3,556 | $315 | $18 | $3,241 |
| Payment 111 | $3,241 | $317 | $16 | $2,924 |
| Payment 112 | $2,924 | $318 | $15 | $2,606 |
| Payment 113 | $2,606 | $320 | $13 | $2,285 |
| Payment 114 | $2,285 | $322 | $11 | $1,964 |
| Payment 115 | $1,964 | $323 | $9.82 | $1,641 |
| Payment 116 | $1,641 | $325 | $8.20 | $1,316 |
| Payment 117 | $1,316 | $326 | $6.58 | $989 |
| Payment 118 | $989 | $328 | $4.95 | $661 |
| Payment 119 | $661 | $330 | $3.31 | $331 |
| Payment 120 | $331 | $331 | $1.66 | $0.00 |
Where the inputs come from
Loan amount is the total you are repaying, the sum of all the loans in repayment, from your servicer's balance page. The interest rate is the loan's fixed rate, which for federal loans is set each year for new borrowers and stays fixed for the life of the loan. Loan term is ten years on the standard federal plan, and longer on graduated, extended and private plans. If you have several loans at different rates, enter them separately or use a weighted rate.
Using the monthly payment in a real decision
Federal loans have income-driven and forbearance options that private loans often lack.
When the result stops applying
The calculator assumes a fixed rate, level payments and no deferment or forbearance, during which interest may accrue. Federal plans have different formulas, such as income-driven payments that depend on your earnings. Private loans may have variable rates, and cosigner release rules differ. Rules for federal student loans have been changing, so check the Federal Student Aid website for the plans open to your loans.
What to compare it with
See payoff timing with the student loan payoff calculator, and a lower rate on the student loan refinance page. The income-driven repayment, PSLF and capitalization calculators cover federal-loan features. The loan payment and extra mortgage payment pages use the same math, and the debt payoff tools help prioritize between loans.
People also ask
Frequently asked questions
What is the standard repayment plan for federal student loans?
Fixed payments over ten years for most Direct Loans, which usually costs the least interest among plans but has the highest monthly payment.
Can I pay off student loans early?
Yes, without a penalty on federal and most private loans. Extra payments reduce principal, so tell the servicer to apply them that way.
Should I choose a longer term to lower my payment?
It lowers the payment but raises total interest. For federal loans, an income-driven plan may offer relief with better protections than simply extending the term.