About the Student Loan Calculator
Estimate your student loan payment, total interest and payoff date, including interest during the grace period. This tool is free, works in your browser and needs no sign-up.
How to use the Student Loan Calculator
Enter the loan balance, interest rate, repayment term, months before repayment starts and any extra monthly payment.
Formula used
Balance at repayment = Loan × (1 + r × grace months). Payment = L × r × (1 + r)^n ÷ ((1 + r)^n − 1).
Example
With Loan balance 35000, Interest rate (% per year) 6, Repayment term (years) 10, Months before repayment starts 6, Extra payment per month 0, the calculator shows: Balance when repayment starts = 36,050.00; Monthly payment = 400.23; Total interest (including grace period) = 13,027.47.
Frequently asked questions
Does interest grow while I am in school?
On many loans it does. Unpaid interest during school or the grace period can be added to the balance, which makes the loan larger when repayment begins.
Is the Student Loan Calculator free to use?
Yes. It is completely free and you can use it as many times as you like.
How accurate is the Student Loan Calculator?
The calculator uses standard formulas, so the maths is exact. Real life results can differ because of fees, taxes, rounding or personal factors, so treat the answer as an estimate.
Do you store the numbers I enter?
No. All calculations run in your browser. The values you type are not sent to our server.
Disclaimer: results are estimates for information only. They are not financial, medical or professional advice.