Calculator
Student Loan Calculator
A student loan calculator estimates the standard monthly payment on a fixed-rate education loan. Add an optional extra monthly payment to see how much faster the loan is paid off and how much interest you save.
Advertising disclosure: EmergencyLoaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.
- Runs in your browser
- No sign-up
- Free
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
This calculator estimates the standard monthly payment on a fixed-rate student loan and shows what happens if you add a little extra each month.
Base payment: M = P * r * (1 + r)^n / ((1 + r)^n - 1).
With an extra amount E, the new payment is M + E and the payoff time becomes n = -ln(1 - r * P / (M + E)) / ln(1 + r).
- P = amount borrowed
- r = monthly rate = annual rate / 12 / 100
- n = number of monthly payments
Extra payments go straight to principal, which cuts both the payoff time and the total interest. If the payment does not cover monthly interest, the balance never falls.
Use the rate and term from your own loan agreement; federal and private loans differ.
How to use this calculator
Enter your numbers
Everything runs in your browser. Nothing you type is sent to us.
Read the result
The result shows the headline figure and the numbers behind it, so you can see where the cost comes from.
Check the rules before you apply
State caps and licensing decide what a lender may offer you. The state reference lists both with their sources.
Before you apply, run the numbers
The calculators are free and run in your browser. When you are ready to look at real offers, the link below goes to our referral partner.
Advertising disclosure: EmergencyLoaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.