Student Loan Interest and Payoff Calculator
Calculate your student loan payment and total interest. See what paying a little extra each month saves.
The standard federal repayment plan runs ten years. Over that time interest can add a third or more to what you borrowed.
This calculator shows the payment and the interest, and what an extra payment does to both.
How it works
The payment is fixed so the loan clears at the end of the term. Interest is charged monthly on the remaining balance.
Extra payments reduce the balance faster, which cuts future interest.
The formula
L = balance, i = monthly rate, n = months.
Tips
- Tell your servicer to apply extra payments to principal, not to future payments.
- If you have several loans, send the extra to the highest rate one.
Frequently asked questions
Does this work for income driven plans?
No. Those plans set payments from your income, so the schedule is different. This models a fixed payment plan.
Is student loan interest tax deductible?
Up to $2,500 a year may be deductible, subject to income limits.
This is not financial advice. Nothing on this site is investment, tax, legal or financial advice of any kind.
The calculators give simplified estimates from the numbers you enter. They ignore taxes, fees, rate changes and real market returns, and they can be wrong.
Do not make financial decisions based on these results. Speak to a licensed financial adviser, accountant or lender before acting, and read the full disclaimer.