Student Loan Monthly Payment Calculator
Enter your student loan amount, interest rate and repayment term to calculate your fixed monthly payment.
Student Loan Monthly Payment Calculator
Calculates the fixed monthly payment on a student loan given its amount, interest rate and repayment term.
This calculator applies the standard fixed-rate loan amortization formula to a student loan, turning the loan amount, annual interest rate and repayment term into a level monthly payment figure. It's useful for comparing standard repayment plans, checking a lender's quoted payment, or estimating payments before choosing between a shorter (higher payment, less total interest) and longer (lower payment, more total interest) repayment term.
Example
- With the default values shown above, this calculator returns: Monthly Interest Rate ≈ 0.0046%; Total Number of Payments ≈ 120; Monthly Payment ≈ $325.58.
Frequently Asked Questions
What formula does this use?
It uses the standard fixed-rate amortization formula, the same math used for most standard-repayment student and personal loans, spreading principal and interest into equal monthly payments over the term.
Does this account for income-driven repayment plans?
No — this calculates a standard fixed-payment amortization schedule; income-driven repayment plans use different formulas based on income, and monthly payments there can differ substantially from this standard calculation.
Sources
- Standard formula, publicly documented method