Student loan planning tool

Student Loan Amortization Calculator

Estimate fixed-payment scenarios for your student loan, then expand yearly totals to inspect each payment and remaining balance.

Your assumptions

Loan details

Start with the figures from your offer or loan statement.

Total Loan Balance

Annual Interest Rate

Use the rate on your loan documents.

Loan term

First payment month

Payment frequency

Extra each month (principal reduction) Optional

Applied to principal in the estimate. For weekly or biweekly schedules, the monthly amount is spread across the year.

Other loan details

Fees added to loan balance Interest accrual method One-time extra principal One-time payment month Initial fixed-rate period · years Assumed rate after fixed period

Down payment and trade-in reduce principal; financed fees increase it. Property costs are estimates and stay outside the loan calculation. A later rate is held constant after the fixed period for this illustration.

Results recalculate when you change an input. Select Update estimate to run the schedule manually.

Your estimate

Payment at a glance

Estimate

Monthly payment

—

Principal and interest

Financed principal —

Total paid

—

Total interest

—

Payoff date

—

How this estimate is calculated

Payments begin on the first day of the month after the selected start month. Biweekly and weekly schedules continue every 14 or 7 days from that first due date.
Periodic mode divides nominal APR by payments per year. Daily mode accrues simple interest on the outstanding principal using actual days between modeled payment dates and 365.25 days per year. Daily mode treats the first day of the selected start month as the accrual date; your contract's disbursement date and day-count convention may differ.
Calculations retain full internal precision and display dollar amounts to the nearest cent. The final payment can be lower than a regular payment when the remaining balance is smaller, and a lender's amount may differ because of timing, rounding, fees, or contract terms.
Recurring extra principal is added to each modeled payment; the monthly amount is spread over the year for weekly and biweekly schedules. One-time extras are applied in the selected month, or on the first payment if no month is chosen. Confirm that your lender applies extra funds to principal.
When an adjustable-rate period is entered, the payment is recalculated at that point using the supplied later rate, which is then held constant. Indexes, caps, and future rate changes are not predicted.
Mortgage property tax, insurance, PMI, and HOA are separate estimates. They do not reduce principal and are excluded from the loan schedule and total interest.

Compare options

Loan scenarios

Compare payment, interest, and payoff date together.

Standard schedule

Current loan · scheduled payments

Payment per period: —
Total interest: —
Payoff date: —

With extra

Your current plan

Payment incl. extra: —
Total interest: —
Payoff date: —

Add an extra payment to see estimated savings.

Extra amounts are modeled as principal payments. Confirm payment handling with your lender.

Estimates use the inputs and assumptions selected above. Your lender’s dates, rate conventions, fees, posting rules, and rounding may differ; the final payment may be smaller than a regular installment.

Use the rate for your specific loan

For Direct Subsidized and Unsubsidized Loans first disbursed from July 1, 2026 through June 30, 2027, the fixed rates are 6.52% for undergraduate borrowers and 8.07% for graduate or professional borrowers. Direct PLUS Loans for parents and graduate/professional students are 9.07% for that same disbursement window. These rates do not necessarily apply to existing loans or loans first disbursed in another year. Check the Department of Education's 2026–27 rate announcement and the Federal Student Aid rates page. For your calculation, use the rate and current balance shown by your servicer. Reviewed October 4, 2026. This tool models a fixed-payment schedule; it does not calculate income-driven payments, forgiveness, or eligibility.

What Is a Student Loan Amortization Calculator?

This fixed-payment estimate shows the scheduled payment, total interest, payoff date, and yearly balance progression. Enter the rate from your own loan documents; the prefilled value is an example, not a published federal rate.

A fixed-payment student loan schedule follows the same structure as other installment loans: each payment covers period interest plus a portion of principal. Federal repayment plans can use different payment formulas and eligibility rules, so this calculator is for fixed-payment estimates rather than income-driven plans or forgiveness projections. If you are organizing multiple debts, compare fixed-payment balances with the multi-debt payoff planner; it does not model federal repayment programs or forgiveness.

How Student Loan Amortization Works

When you enter repayment on a standard fixed plan, your loan servicer applies the amortization formula to your outstanding balance to calculate a monthly payment that will fully pay off the loan by the end of the term. Each payment in your student loan amortization schedule breaks down as:

Interest portion = balance × the selected period rate (periodic APR ÷ 12 or simple daily APR × elapsed days ÷ 365.25)
Principal portion = payment − interest, limited to the remaining balance
New balance = old balance − principal

Early in repayment, more of each payment goes to interest. Later payments apply more to principal. Use the calculator above with your current balance and rate to compare fixed-payment terms; extending a term generally lowers each scheduled payment while increasing total interest.

Federal vs. Private Student Loan Amortization

Federal student loans can have rates and repayment options that depend on loan type, disbursement date, and current program rules. Income-driven payment amounts can depend on income and other factors, so this fixed-payment calculator does not estimate them. Check current options and eligibility through Federal Student Aid or your servicer before making repayment decisions.

Private student loans have lender-set rates and may be fixed or variable. Enter the rate and payment term from your loan documents to estimate a fixed schedule. A variable rate or contract-specific fees can change what you actually pay.

Repayment Term Comparison

Compare the available fixed-payment terms above using your own balance and rate. Shorter terms typically require larger scheduled payments and accrue less interest when all other inputs stay the same. Federal plan availability and repayment terms can differ by borrower and loan history.

Strategies to Reduce Student Loan Interest

Compare the payment with your budget. A shorter fixed-payment term generally raises each scheduled payment and lowers modeled interest, all else equal. This calculator does not assess affordability or emergency savings.
Check how accrued interest is treated. Interest accrual and capitalization depend on loan type and repayment events. Review your loan details and servicer guidance to understand whether unpaid interest may be added to principal.
Check payment allocation before paying extra. Ask your servicer how a lump sum or recurring amount will be applied and whether it affects a due date or qualifying payment count.
Compare refinancing terms carefully. A lower private rate may reduce modeled interest, but refinancing federal loans into a private loan generally gives up federal benefits and protections. Compare written offers and current federal options before deciding.
Review current repayment rules before choosing a plan. Eligibility, payment formulas, and forgiveness terms can vary with loan history and program rules; use official Federal Student Aid information and your servicer's current terms.

Frequently Asked Questions

How do I calculate my student loan monthly payment? ▼

Enter your student loan balance, annual rate, and fixed-payment term to estimate a payment schedule. Federal repayment options and eligibility can depend on loan type, disbursement date, and current program rules. This calculator models fixed periodic payments; it does not calculate income-driven payments, forgiveness, or eligibility.

What is the standard student loan repayment term? ▼

Federal repayment plan availability and term can depend on the loan type, first disbursement date, and current program rules. Many borrowers have a 10-year fixed-payment option, but this calculator does not determine eligibility or model income-driven payments. Check your current options in the Federal Student Aid Loan Simulator or with your loan servicer.

What are current federal student loan interest rates? ▼

Federal student loan rates vary by loan type and first disbursement date, so a newly published rate may not be the rate on an existing loan. Enter the fixed annual rate shown in your loan account, promissory note, or servicer statement. If your loans have different rates, calculate them separately for a more useful estimate.

Should I pay extra on my student loans? ▼

Extra principal payments can reduce interest under a standard amortizing schedule, but their effect on your due date, forgiveness strategy, or qualifying-payment count depends on your plan and servicer rules. If you are pursuing Public Service Loan Forgiveness or another forgiveness program, check your current payment count and ask your servicer how an extra payment would be applied before changing your payment amount.

What happens if I consolidate my student loans? ▼

Consolidation can combine eligible federal loans, but it may affect interest, repayment options, benefits, and forgiveness credit. The consequences depend on your loan history and current rules. Review the official Federal Student Aid consolidation guidance and compare your servicer-provided terms before consolidating.