Student Loan Calculator

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Estimate your monthly student loan payment, total interest and payoff date. Includes an optional grace period where interest accrues before repayment begins.

$
%
yrs
months
Months before repayment starts — interest accrues and is added to the balance.
Monthly payment –
Total interest –
Total paid –
Payoff date –
Standard amortization with a fixed monthly payment. Interest during the grace period capitalizes (is added to the principal) before repayment begins.

About Student Loan Calculator

The student loan calculator estimates your monthly payment, total interest and payoff date from the loan amount, annual interest rate and repayment term. It uses standard amortization, so every payment is fixed and gradually shifts from mostly interest to mostly principal.

A distinctive feature is the grace period: the months after leaving school before repayment begins. Interest accrues during that time and capitalizes — it is added to your principal — so a longer grace period quietly raises both the monthly payment and the total cost, and the calculator shows exactly by how much.

Run it before choosing a repayment term or deciding whether to pay interest during school. The tool is free, browser-based, and the figures are estimates — your servicer’s numbers govern.

How to use Student Loan Calculator

  1. Enter the loan amount you will owe.
  2. Set the annual interest rate on the loan.
  3. Choose the repayment term in years.
  4. Add the grace period in months, if any, during which interest accrues.
  5. Read the monthly payment, total interest, total paid and payoff date.

Frequently asked questions

No payments are due, but interest keeps accruing on the balance. When repayment starts, that accrued interest capitalizes — it is added to the principal — so you then pay interest on a larger amount.

With the standard amortization formula applied to the post-grace balance: a fixed payment sized so the loan reaches zero exactly at the end of the term, covering that month’s interest plus some principal each time.

It lowers the monthly payment but raises the total interest, because the balance is outstanding longer. Compare a 10-year and a 20-year term here to see the trade-off in dollars.

Often yes — paying just the accruing interest while in school or in grace keeps the principal from growing. Set the grace period to zero to see what that saves.

They are close estimates based on fixed-rate amortization. Actual loans may differ with fees, variable rates, income-driven plans or different capitalization rules — check with your loan servicer.
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