Student Loan Repayment Calculator
Calculate your monthly student loan payment, total interest, and payoff timeline.
Compare standard, extended, and extra payment strategies.
Monthly Payment
Student loan repayment uses the standard amortization formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
- M = Monthly payment
- P = Loan balance
- r = Monthly interest rate (annual rate / 12)
- n = Repayment term in months
Making extra payments reduces total interest dramatically. Each extra dollar goes directly to principal, shortening your payoff time.
Example: $40,000 at 5.5% over 10 years (standard):
- Monthly payment = $434.12
- Total interest = $12,094
- With $100 extra/month: payoff in ~7.5 years, saving ~$3,400 in interest
Tips:
- Federal loans typically offer 10-year standard repayment
- Even small extra payments ($25-50/month) can save thousands
- Refinancing may lower your rate but you lose federal protections
- Income-driven plans cap payments at a percentage of your income