Student Loan Calculator
See your monthly student loan payment, the total interest you’ll pay, and a full amortization schedule — plus how much faster extra payments clear your balance.
How to use it
Enter your total loan balance (or the balance of one loan you want to model), the fixed interest rate, and your repayment term in years. The calculator shows your fixed monthly payment, the total interest over the life of the loan, your payoff date, and a month-by-month schedule you can download as CSV.
Standard student loans amortize just like any other fixed loan: early payments are mostly interest, later ones mostly principal. Because there’s no prepayment penalty on federal loans, adding even a small extra monthly payment attacks the principal directly and can save years of payments and a large amount of interest.
A note on repayment plans
This tool models a standard fixed-rate repayment plan. Income-driven repayment, graduated plans, and variable-rate private loans change your payment over time, so treat the results as a clear baseline rather than an exact figure for those plans.
Frequently asked questions
How is my payment calculated?
From your balance, fixed rate and term using the standard amortization formula. Interest is charged on the remaining balance each month; the rest of the payment reduces principal.
Should I pay extra?
If there’s no prepayment penalty (US federal loans never have one), yes — extra payments go entirely to principal and cut both payoff time and total interest. Try an extra amount above to see the savings.
Federal or private — does it matter?
This works for any fixed-rate, fully amortizing loan. Variable-rate and income-driven plans change over time, so use it as an estimate for those.
BriskToolbox provides estimates for general information only and is not financial advice.