WiseCalcs

Student loan calculator

Enter your student loan balance, the annual interest rate, and the repayment term in years. The calculator shows the monthly payment, the total you repay, and the total interest as you type.

Use it to find the standard monthly payment on a student loan, plus how much you repay in total and how much of that is interest.

USD
%
yr

Monthly payment

$318.20

Balance Interest
Total paid
$38,183.59
Total interest
$8,183.59

The result updates as you type. The bar splits the total paid into the balance you borrowed and the interest you pay on top.

How does it work?

Standard repayment assumes equal monthly payments. Income-driven plans, grace periods, and deferment are not modelled. You supply the interest rate yourself.

Student loan payment formula

M=P⋅r (1+r)n(1+r)n−1M = P\cdot\frac{r\,(1+r)^{n}}{(1+r)^{n}-1}
M
Monthly payment.
P
Outstanding loan balance.
r
Monthly interest rate (annual rate ÷ 100 ÷ 12).
n
Total number of monthly payments (years × 12).

A 30,000 balance at 5% over 10 years gives a monthly payment of about 318.20.

Method & sources

Standard repayment: the balance is repaid in equal monthly payments over a fixed term. The interest rate is fixed for the whole term and you supply it yourself. Interest is treated as compounding monthly on the outstanding balance.

Sources

Where this method comes from — use these references to understand the formula, assumptions, and limits.

How we calculate

  • Standard repayment: the balance is repaid in equal monthly payments over a fixed term.
  • The interest rate is fixed for the whole term and you supply it yourself.
  • Interest is treated as compounding monthly on the outstanding balance.
  • Income-driven plans, grace periods, deferment, forbearance, and loan forgiveness are not modelled.
  • Fees, capitalised interest from study periods, and changes to the rate over time are not included.

Rounding

Payments and totals are rounded to two decimals for display. The calculation uses full precision.

What this calculator does

On a standard repayment plan, a student loan is paid off in equal monthly instalments over a fixed term. Each payment covers the interest due that month and reduces the balance. This calculator uses the standard amortizing formula to find that fixed monthly amount, then shows the total you repay and how much of it is interest.

How to use it

  1. Enter your current loan balance.
  2. Enter the annual interest rate as a percentage.
  3. Enter the repayment term in years.
  4. Read the monthly payment, total paid, and total interest below.

A worked example

A 30,000 balance at 5% over a 10-year standard term has a monthly payment of about 318.20. Over the full term you repay about 38,184, of which roughly 8,184 is interest.

Standard vs other plans

This calculator models a standard, fixed-term repayment plan. Income-driven plans, graduated plans, grace periods, and deferment can change both the monthly payment and the total interest. Use this as a baseline, then check your loan servicer for plan-specific figures.

Common mistakes

  • Entering a monthly rate where an annual rate is expected. Use the annual figure; the calculator divides by 12.
  • Forgetting interest that built up while you were studying. Enter the balance you actually owe now.
  • Assuming the monthly payment is the total cost. Total paid is the payment multiplied by the number of months.

When it's useful

Planning a repayment budget, comparing a shorter term against a longer one, or seeing how much interest a given rate adds over the life of the loan.

FAQ

How is the monthly payment calculated?
It uses the standard amortizing formula: the balance times the monthly rate times (1 + monthly rate) to the power of the number of months, divided by that same power minus one. The monthly rate is the annual rate divided by 12.
Does this handle income-driven repayment?
No. It models a standard fixed-term plan. Income-driven plans set the payment from your income, not the balance, so the monthly amount and total interest will differ.
What happens at a 0% rate?
With no interest, the monthly payment is simply the balance divided by the number of months, and the total interest is zero.
Does it include fees or capitalised interest?
No. Enter the balance you owe today. Fees and any interest that has already been added to the balance are only included if they are part of the figure you enter.
Which currency does it use?
The currency follows the site language. The repayment math is identical in every market.
Can I share a calculation?
Yes. Use Share to copy a link that reopens the calculator with the same balance, rate, and term.

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<iframe src="https://wisecalcs.com/embed/en/student-loan-calculator" width="100%" height="520" style="border:0" loading="lazy"></iframe> <p>Calculator from <a href="https://wisecalcs.com/en/loans-mortgages/student-loan-calculator">WiseCalcs</a></p>