Student loan payoff calculator: estimate your monthly payment, total interest, and total cost from your balance, interest rate, and loan term. Free, instant, no sign-up.
Monthly Payment
$333.06
M = P[r(1+r)^n]/[(1+r)^n-1]
Enter your loan balance, annual interest rate, and loan term to estimate your monthly payment, total paid, and total interest. The calculator uses the standard loan amortization formula, matching the schedule a lender would produce for a fixed-rate loan.
M = P[r(1+r)^n]/[(1+r)^n-1]
A $30,000 student loan at 6% annual interest over 10 years gives a monthly payment of about $333.06. Over 120 payments the total paid is about $39,967.38, of which about $9,967.38 is interest.
Plan your debt payoff with the snowball method — smallest balance first. See your debt-free date and total interest, free with instant results.
Generate a full loan amortization schedule showing every payment's principal, interest, and remaining balance. Free calculator, instant results.
Calculate compound interest growth on savings and investments over time. See how contributions and rate affect your balance — free and instant.
Estimate your take-home pay per paycheck after taxes and deductions. Free paycheck calculator with instant net pay results as you type.
With the amortization formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan balance, r is the monthly rate (the annual rate divided by 12), and n is the total number of payments. For $30,000 at 6% over 120 payments, the result is about $333.06 per month.
Multiply the monthly payment by the number of payments and subtract the original balance. At 6% over 10 years, a $30,000 loan costs about $9,967.38 in interest, for a total of about $39,967.38.
This calculator compares fixed loan terms and does not model extra payments directly. To estimate the effect of paying more, enter a shorter term and compare its total interest against your current term.
A shorter term means a higher monthly payment but less total interest. A longer term lowers the payment but increases the total cost. Compare both terms in the calculator; the total-interest figure shows exactly what the extra years cost.
In the US, eligible borrowers can deduct up to $2,500 of student loan interest paid per year, subject to income limits. The deduction applies to interest actually paid during the year. Check current IRS rules or a tax professional for your situation.
The loan pays off exactly on schedule: the balance reaches zero after the last payment of the term, with total interest equal to the figure shown. A longer term with minimum payments is the highest-interest way to repay the same balance.