Estimate payments on a fixed-rate student loan and see how extra payments change the modeled payoff.
A fixed monthly payment depends on the loan balance, annual interest rate, and repayment term. This tool models level monthly payments; actual servicer calculations and repayment plans can differ.
The standard fixed-payment estimate appears after calculation.
How do you estimate a student loan payment?
Enter the balance owed when regular repayment starts, the annual fixed interest rate, and a repayment term from 1 to 30 years. The main result is the level monthly payment in a simple amortization schedule. An optional extra monthly amount shows an alternative payoff path; it does not change the scheduled payment.
Use one loan’s balance and rate at a time. Multiple loans may have different rates, start dates, and payment rules. Check the servicer’s statement for the actual amount due.
How does the fixed-payment formula work?
The formula uses principal P, monthly rate r, and number of monthly payments n. For a nonzero rate, payment = P × r ÷ [1 − (1 + r)−n]. When the rate is 0%, the payment is P ÷ n. The calculator models interest on each remaining monthly balance and reduces principal by the rest of the payment.
The final payment can be smaller than the regular payment. Displayed amounts are rounded to cents; the schedule uses unrounded values until the final display, so a few cents of difference from a servicer is possible.
What would a $30,000 loan cost?
For an illustrative $30,000 balance at a fixed 6% annual rate over 10 years, the modeled monthly payment is about $333.06. The scheduled total interest is about $9,967. Entering an extra $50 each month reduces the balance faster and lowers modeled interest. These are arithmetic scenarios, not current loan-rate offers.
How do extra student loan payments affect payoff?
An extra payment reduces principal in this model after the required payment covers monthly interest. A lower principal produces less interest in later months, so payoff occurs sooner. The exact savings depend on the rate, remaining balance, and when extra payments begin.
Some servicers apply payments differently, including to fees or future installments. Confirm how yours handles an extra amount and whether it is applied to principal.
When should you use an official repayment calculator?
Use Federal Student Aid’s Repayment Calculator to compare federal plan eligibility and estimated payments under different repayment options. Income-driven plans, changing income, subsidies, deferment, forbearance, consolidation, and possible forgiveness are outside this page’s fixed-payment model.
Federal student loans generally accrue interest daily, while this page uses a monthly approximation. A servicer sets actual terms and payments; do not use this estimate as a payoff quote.
Student Loan Calculator FAQs
Does this calculate income-driven repayment?
No. It models fixed payments on one balance and rate; use Federal Student Aid’s official calculator for plan comparisons.
Can I enter several student loans?
Calculate each separately if rates or terms differ. Do not average rates without checking the resulting payment.
What does the extra-payment field do?
It adds the entered amount after the scheduled payment each month, up to the balance owed.
Does the model include loan fees or daily interest?
No. It uses monthly interest and excludes origination fees and capitalization.
Editorial review
SolverCalc names Prof. Dr. Khalil Mudassar as its educational reviewer. The formulas and examples on this page follow the references below.
Sources
Disclaimer
Educational estimate only, not financial advice or a lender or servicer quote. Check your loan agreement, repayment-plan eligibility, current balance, and servicer schedule before making borrowing or repayment decisions.