Student Loan Calculator

Standard student loan payments, and how much extra payments save. Results update as you type.

Standard repayment plan only. This page does not cover income-driven repayment (IDR) or other federal programs such as forgiveness plans.

Loan balance

Interest rate (annual %)

Standard repayment term (years)

Extra payment per month

Standard monthly payment

$0.00

Cost breakdown

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Results are estimates for education only and are not financial advice.

Do extra payments really save that much?

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Work out the standard monthly payment from the balance, the monthly rate, and the number of payments in the term.
Multiply the standard payment by the number of payments for the standard total, then subtract the balance for standard total interest.
Simulate month by month with the extra payment added: each month's interest is charged on the remaining balance, and the rest of the payment reduces principal, until the balance reaches zero.
Compare the two paths: interest saved is standard total interest minus simulated total interest, and months early is the standard term in months minus simulated months.

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Should I tell my servicer the extra payment is for principal?

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What about income-driven repayment plans?

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