How to use this student loan calculator
Enter the values requested above and select Calculate. Change any input to compare another scenario. The calculation runs locally in your browser and does not require an account.
Formula and method
Example
A $30,000 student loan at 6.8% over 10 years can be compared with a shorter term to see the payment-versus-interest tradeoff.
Tips for a useful result
Federal income-driven plans and capitalization rules can differ from this simple fixed-payment model.
What this calculator is useful for
Estimate the monthly payment, total repayment and total interest on a fixed-rate student loan. The result is intended for quick estimates, checking arithmetic and comparing scenarios. When a result affects a contract, tax filing, medical decision, building-code requirement or other high-stakes situation, verify the result with the appropriate professional or authoritative source.
Frequently asked questions
What does the Student Loan Calculator calculate?
Estimate the monthly payment, total repayment and total interest on a fixed-rate student loan.
How does the Student Loan Calculator work?
For a fixed installment loan, monthly payment uses the standard amortizing-loan formula based on balance, APR and number of monthly payments.
Is the Student Loan Calculator free to use?
Yes. ERICH Calculators is free to use and does not require an account.