Finance category
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Student Loan Calculator
Estimate your student loan payment, total interest cost, and how much faster you could get out of debt by sending extra money each month.
Required payment
$476.90
Payoff time
10 years
Total interest
$15,228.18
Interest saved
$0.00
Scenario summary
Scheduled payment plus extra
$476.90
Total repaid
$57,228.18
Use the extra-payment field to compare the standard plan with a faster payoff path. This estimate assumes a fixed interest rate and no deferment, forgiveness, capitalization, or payment-plan changes.
How to Use
- Enter your current student loan balance, interest rate, and remaining repayment term.
- Review the required monthly payment for the standard amortization schedule.
- Add any extra monthly payment you may be able to send above the required amount.
- Compare payoff time, total interest, and interest saved before choosing a more aggressive repayment plan.
Frequently Asked Questions
Can I use this for federal and private student loans?
Yes. This calculator works for both when you want a fixed-rate payoff estimate based on the current balance, rate, term, and extra payment plan.
Does this include income-driven repayment plans?
No. It assumes a fixed amortizing payment path, so it does not model forgiveness, annual recertification, or payment resets tied to income.
Why do extra payments matter so much on student loans?
Long repayment timelines give interest more time to build. Even modest recurring extra payments can shorten the payoff period and trim interest meaningfully.
Should I prioritize student loans over other debt?
That depends on your rates, cash flow, and goals. Comparing student loan cost with credit card APRs or your debt-to-income ratio usually gives a better answer than looking at the balance alone.
Is this a refinance quote?
No. It is a planning calculator based on your current loan assumptions. Refinance eligibility and rates depend on lenders, credit, and income.
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