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CollegeRanker

Free Tool

Student Loan Repayment Calculator

Estimate your monthly student loan payments, total interest, and see a full amortization schedule. Includes extra payment options to see how much you can save.

$30,000
6.53%
10 years
$0

Monthly

$0

Total Interest

$0

Total Paid

$0

Payoff

—

Month Payment Principal Interest Balance

How It Works

Understand Your Student Loan

Standard Amortization

Your monthly payment stays the same, but the proportion going to interest vs. principal changes over time. Early payments are mostly interest; later payments are mostly principal.

Extra Payments Save Big

Paying just $50 extra per month on a $30,000 loan at 6.53% could save you over $2,000 in interest and shave years off your repayment term.

Know Your Terms

Federal student loans typically offer 10-year standard repayment. Private loans may have different terms. Always check your actual loan documents.

Refinancing Options

If interest rates have dropped since you took out your loans, refinancing could lower your monthly payment. However, refinancing federal loans means losing borrower protections.

Frequently Asked Questions

How is my monthly payment calculated?
We use the standard amortization formula: M = P × r × (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
What happens if I make extra payments?
Extra payments go directly toward your principal balance, reducing the total interest you'll pay and helping you pay off the loan faster. Our calculator shows you exactly how much you save.
Should I pay off loans early or invest?
If your loan interest rate is below 4-5%, investing may yield better returns. Above 6-7%, prioritizing loan repayment usually makes more financial sense. Consider your risk tolerance and other financial goals.
What is the average student loan debt?
The average federal student loan debt for bachelor's degree graduates is approximately $30,000. Including private loans, the average can be higher depending on the school and program.