Student Loan Calculator
Monthly payment, total interest, and repayment cost.
What is a student loan calculator?
A student loan calculator finds the monthly payment on a student loan. Example: a $20,000 loan at 5% for 10 years costs $212.13 per month.
How to use it
Enter the loan amount, annual interest rate and repayment years, then tap Calculate.
Formula
Monthly payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n is the number of payments. For $20,000 at 5% for 10 years, the monthly rate is about 0.4167% and n is 120.
Frequently Asked Questions
What is the monthly payment on a $20,000 student loan at 5% for 10 years? $212.13.
How much interest is paid in total? About $5,455.72 over 10 years.
Does a longer term lower the monthly payment? Yes, but it increases the total interest paid.