Student Loan Repayment Calculator
See your monthly payment, payoff time, and interest saved with extra payments.
Open the Interactive CalculatorHow It's Calculated
Monthly Payment = L × [r(1+r)n] / [(1+r)n − 1], plus any extra payment applied straight to principal, which shortens the payoff timeline and cuts total interest.
Example
Example: a $30,000 balance at 5.5% over 10 years costs about $326/month. Adding $100/month extra pays it off roughly 2 years early and saves over $1,800 in interest.
Frequently Asked Questions
Does paying extra always go to principal?
With most federal and private student loan servicers, yes — as long as you specify the extra amount should apply to principal rather than future payments, which some servicers require you to select explicitly.
Should I pick income-driven repayment instead?
Income-driven plans lower your monthly payment based on income but usually extend the payoff timeline and increase total interest — this calculator assumes a standard fixed repayment plan.