Student Loan Calculator
A student loan, like most installment loans, is repaid through equal monthly payments that are calculated using the standard loan-amortization formula. Toolverge computes the fixed monthly payment for a given principal, annual interest rate, and repayment term, along with total interest paid over the life of the loan. The same math applies to federal or private student loans as long as the rate is fixed for the term entered.
Educational estimate only. Results are not medical, legal, or financial advice. Confirm important decisions with a qualified professional.
How it works
- Enter your loan amount (principal).
- Enter the annual interest rate and loan term in years.
- Read the monthly payment, total interest, and total amount paid on the tape.
Formula M = P × r(1+r)^n / ((1+r)^n − 1); r = annual rate/12; n = years×12
Frequently asked questions
How is a student loan monthly payment calculated?
It uses the standard amortization formula: payment = P × r(1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly interest rate, and n is the number of monthly payments.
What happens if the interest rate is 0%?
With a 0% rate the payment is simply the principal divided evenly across the number of months, with no interest added.
Does this handle variable-rate student loans?
No, it assumes a fixed rate for the full term. For a variable-rate loan, recalculate whenever your rate changes to see the updated payment.
Can I use this for both federal and private student loans?
Yes, the amortization math is the same for any fixed-rate installment loan regardless of lender type.
How much total interest will I pay?
Total interest is the total of all monthly payments minus the original principal, shown directly on the results tape.