Finance calculator
Calculate monthly student loan payments, total interest paid, and your full repayment timeline. Compare scenarios to find the best payoff strategy.
Total outstanding student loan balance.
Federal undergraduate loans: ~6.5%. Graduate: ~8%.
Standard federal repayment is 10 years.
Monthly Payment
$340.64
Fixed monthly payment over the repayment period.
Formula verified 9 September 2026
Total Amount Paid
$40,877.27
Sum of all monthly payments.
Total Interest Paid
$10,877.27
Interest as % of Loan
36.3%
Estimate only — not financial advice; lender terms, fees, and taxes vary. Read the full disclaimer ↓
Yearly summary of standard repayment. Each row totals the principal and interest paid that year and the balance remaining at year-end.
| Period | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| Year 1 | 2,203 | 1,885 | 27,797 |
| Year 2 | 2,350 | 1,738 | 25,447 |
| Year 3 | 2,507 | 1,580 | 22,940 |
| Year 4 | 2,675 | 1,412 | 20,264 |
| Year 5 | 2,855 | 1,233 | 17,410 |
| Year 6 | 3,046 | 1,042 | 14,364 |
| Year 7 | 3,250 | 838 | 11,114 |
| Year 8 | 3,467 | 620 | 7,647 |
| Year 9 | 3,700 | 388 | 3,947 |
| Year 10 | 3,947 | 140 | 0 |
Estimates only — not financial, tax, or professional advice.
100% private — every number you enter is calculated in your browser and never sent to our servers.
What it calculates: Monthly Payment, Total Amount Paid, Total Interest Paid, Interest as % of Loan.
Updated 5 June 2026 · Transparent assumptions
Apply the standard amortization formula to calculate a fixed monthly payment.
$30,000 loan at 6.5% for 10 years.
Loan Balance
$30,000
Interest Rate
6.5%
Repayment
10 years (120 months)
Monthly Payment
$340.64
Total Paid
$40,877
Total Interest
$10,877
You would pay about $10,877 in interest over 10 years — roughly 36% of the original loan amount.
On a standard plan, a student loan is repaid in equal monthly installments over a set number of years. Each payment covers the interest that has accrued, and the rest reduces the principal.
Because interest is charged on the remaining balance, early payments lean toward interest and later payments lean toward principal. The balance falls slowly at first, then faster as it shrinks.
A longer repayment term lowers the monthly payment, which can ease a tight budget. The cost is more interest over time, because the balance stays high for longer.
A shorter term means higher monthly payments but far less total interest. Choosing a term is a balance between what you can afford each month and what you are willing to pay overall.
Interest typically accrues on the outstanding balance every day. As long as your payment covers that interest plus some principal, the balance keeps falling.
Capitalization happens when unpaid interest is added to the principal, so future interest is charged on a larger amount. This can occur after pauses or when payments are too small to cover the interest. Keeping up with at least the interest avoids this.
Most student loans have no prepayment penalty, so extra payments go straight to principal and cut the interest you pay over the life of the loan. Paying ahead early has the biggest effect.
Before accelerating, make sure you have a basic emergency fund and have dealt with any higher-interest debt, such as credit cards, which usually costs more than a student loan.
Refinancing swaps your existing loans for a new private loan, ideally at a lower rate, which can lower the total interest you pay. It works best when your credit and income have improved since you first borrowed.
The caution is that moving certain loans into a private loan can mean giving up repayment flexibility and protections that came with them. Compare the rate savings against the features you would lose.
Repayment options and programs vary, and the best choice depends on your specific loans, income, and goals. If you are unsure, your loan servicer is the first place to ask.
If you are struggling to keep up or weighing a major change like refinancing, a conversation with a qualified advisor before you act can prevent costly mistakes. This page is educational and not a substitute for that advice.
Federal student loans default to a 10-year standard repayment plan. Extended plans can stretch to 25 years with lower payments but significantly more interest.
Yes — federal and most private student loans have no prepayment penalty. Extra payments go directly toward principal, reducing total interest.
Income-driven repayment plans set your monthly payment as a share of your discretionary income rather than a fixed amount based on the balance. Payments rise and fall with your income, and any balance left after the plan period may be addressed under the plan rules. This calculator shows standard fixed repayment only; income-driven figures depend on your income and household details.
Interest is charged on the outstanding balance, usually daily. The longer the balance stays high, the more interest builds. On a standard plan, your fixed payment covers the interest plus some principal each month, so the balance falls steadily, as the table below shows.
Capitalization is when unpaid interest is added to your principal, so you begin paying interest on a larger balance. It can happen after periods when payments were paused or were too small to cover the interest. Paying at least the interest as it accrues helps you avoid a larger balance later.
If your loans have no prepayment penalty, extra payments go straight to principal and reduce the interest you pay over time. Paying early in the loan saves the most. Before paying ahead, make sure you have an emergency cushion and have addressed any higher-interest debt first.
Refinancing replaces one or more loans with a new private loan, ideally at a lower rate, which can reduce total interest. The trade-off is that refinancing federal loans into a private loan can mean giving up federal repayment options and protections. Weigh the rate savings against the features you would lose.
If you are struggling to keep up, unsure which plan fits, or weighing refinancing, it is worth speaking with your loan servicer or a qualified advisor before making changes. Repayment terms and available programs vary, and the right move depends on your specific loans and finances.
Figures on this page are checked against primary, authoritative sources. Links open in a new tab.
Finance disclaimer
Results are estimates based on the figures you enter and standard formulas. Rates, fees, taxes, and lender terms vary and change over time, so confirm important numbers with your lender or a qualified professional. This is educational information, not financial advice.
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Published 9 September 2026