Student Loan Calculator – Monthly Payment and Payoff
Calculate student loan monthly payments, total interest, and payoff timeline. Compare repayment plans.
🎓 Finance📐 M = P[r(1+r)^n]/[(1+r)^n-1]
Total loan balance ($)
Average rate (%)
Repayment term (years)
Please enter valid values.
Formula & Reference
| Variable | Formula | Units |
|---|---|---|
| Student Loan Calculator – Monthly Payment and Payoff | M = P[r(1+r)^n]/[(1+r)^n-1] | $/month |
Step-by-Step Examples
Example 1
$40K, 6.5%, 10yr
- Monthly: $454 | Interest: $14,431 | +$100/mo saves ~15 payments
✓ $454/month
Example 2
$80K Grad, 7%, 20yr
- Monthly: $620 | Interest: $68,885 | Consider refinancing
✓ $620/month
Example 3
$20K, 5.5%, 10yr
- Monthly: $217 | Interest: $6,044
✓ $217/month
Real-World Applications
Graduates
Plan loan repayment strategy.
Parents
Model PLUS loan payments.
Financial Aid
Help students understand obligations.
Planners
Integrate student loans into full plan.
Common Mistakes to Avoid
⚠️
IDR payment trap
IDR lowers payments but extends loan and increases total interest dramatically.
⚠️
Not refinancing high-rate loans
Private loans above 6% should be considered for refinancing with better credit.
Frequently Asked Questions
IDR vs Standard? ▾
Standard: 10 years, fixed. IDR: 20-25 years, income-based, possible forgiveness — but more interest.
Should I refinance federal loans? ▾
Only if you have stable high income and won't need IDR or PSLF forgiveness programs.
Student loan forgiveness? ▾
PSLF: 10 years public service. IDR: 20-25 years. Eligibility requirements apply.