Toolnoza

FINANCE TOOL

Student Loan Calculator

Estimate a fixed monthly student-loan payment, total repayment and interest.

Student Loan Calculator

FREE ONLINE TOOL
Formula and assumptions

Monthly payment = P × r ÷ (1 − (1 + r)^−n); r = annual rate/12, n = years × 12.

Assumes a fixed rate and equal monthly payments. Excludes fees, in-school interest, grace periods, changing rates and income-driven repayment plans. This is an estimate, not a loan offer.

A $20,000 loan at 5% for 10 years has an estimated payment of about $212.13 per month.

Federal Student Aid — Repayment Calculator

STEP BY STEP

How to use student loan calculator

  1. Check the input units and assumptions.
  2. Review the result and example.

IN PRACTICE

Example

A $20,000 loan at 5% for 10 years has an estimated payment of about $212.13 per month.

GOOD TO KNOW

What should I check before using the result?

Assumes a fixed rate and equal monthly payments. Excludes fees, in-school interest, grace periods, changing rates and income-driven repayment plans. This is an estimate, not a loan offer.

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