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Calculation Machine

Student Loan Calculator

Repayment plan and total interest.

Reviewed by James Whitfield · How we check our maths

Your values

ⓘ Live results

Results
Monthly payment
$423.79
Payoff time
10 yr 0 mo
Total interest
$12,854.64
Total repaid
$50,854.64
Interest saved by extra payments
$0.00

Quick answer

Standard student loan repayment runs 10 years; extending the term lowers payments but sharply increases total interest.

Worked example

Worked example

Using the values the calculator loads with.

Inputs

  • Loan balance38000 $
  • Interest rate6.1 %
  • Repayment term10 years
  • Extra monthly payment0 $

Result

  • Monthly payment$423.79
  • Payoff time10 yr 0 mo
  • Total interest$12,854.64
  • Total repaid$50,854.64
  • Interest saved by extra payments$0.00

How to use the Student Loan Calculator

  1. 1Enter your total student loan balance.
  2. 2Enter the weighted average interest rate.
  3. 3Try adding an extra monthly payment.

Frequently asked questions

Should I pay extra on the highest rate loan?

Yes — target the highest rate first while paying minimums elsewhere.

Do income-driven plans cost more?

Usually yes in total interest, though they can end in forgiveness.

About this calculator