Student Loan Calculator
Monthly payment, total interest, and repayment cost.
What is a student loan calculator?
A student loan calculator works out the monthly payment on a student loan from the loan amount, the annual interest rate and the repayment term in years. It also shows the total interest you will pay.
How to use the student loan calculator
Enter the loan amount, the annual interest rate and the number of years, then click Calculate. The calculator shows your monthly payment and the total interest.
Student loan formula
Monthly payment 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 number of monthly payments (years × 12).
Example
A $20,000 student loan at 5% per year over 10 years gives a monthly payment of $212.13. Over 120 payments you pay $5,455.72 in interest.
Frequently Asked Questions
What is the monthly payment on a $20,000 student loan at 5% for 10 years?
The monthly payment is $212.13. Try it on the calculator above.
How much interest will I pay on a $20,000 student loan at 5% for 10 years?
You will pay $5,455.72 in interest over the 10 years, on top of the $20,000 borrowed.
How is the monthly payment calculated?
The monthly payment uses the loan formula M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r is the monthly rate and n is the number of payments.
Browse more calculators: Finance Calculators · All Tools