Student Loan Calculator
Calculate your student loan payment and see how much time and interest an extra monthly payment can save.
When to use this calculator
Use this calculator to understand your student loan payment and to see the effect of paying a little extra each month. It works for federal and private loans with a fixed rate and shows how extra payments shorten the loan.
Example student loan results
How this calculator works
The standard payment uses the usual loan formula for your balance, rate and term. With an extra payment, the new payment is the standard payment plus the extra, and we calculate how many months it takes to reach zero. Income-driven plans and forgiveness programs work differently and are not included.
Step-by-step example
Using these inputs: Loan balance ($): 35000; Interest rate (%): 6.5; Repayment term (years): 10; Extra monthly payment ($): 100.
A $35,000 loan at 6.5% over 10 years costs $397.42 a month and $12,690 in interest. Adding $100 a month pays it off in 89 months and cuts interest to $9,186, saving $3,504.
Tips for a better estimate
- Make sure extra payments go to principal, not to future payments.
- Federal loans have repayment plans and protections that private loans may not, so check before refinancing.
- Pay attention to the interest rate on each loan if you have several.
FAQ
Do extra payments go to principal?
Usually, if you tell your servicer to apply them to principal. Check with your servicer.
Does this work for federal and private loans?
Yes for standard fixed-rate repayment. Income-driven plans are not covered.
Is the interest deductible?
Some student loan interest may be deductible, with income limits. Check IRS rules.
Should I pay extra on my student loan?
Extra payments save interest. Weigh that against building an emergency fund and getting an employer retirement match.
What is the difference between federal and private loans?
Federal loans offer income-driven plans, deferment and possible forgiveness programs. Private loans depend on the lender's terms.
Does this include income-driven plans?
No. It uses a fixed payment. Use studentaid.gov for federal plan estimates.
Rates and limits last updated: October 2026. This is an estimate for general information only, not financial, tax or legal advice.