Student loans can be one of the biggest financial commitments. Our calculator shows your exact monthly payment, total interest over the life of the loan, and even accounts for grace period interest accrual. Compare different repayment terms to find what works for your budget.
Monthly Payment:
Total Interest:
How to Use This Tool
Enter your total student loan balance.
Enter the annual interest rate.
Enter your repayment term in years.
Enter any grace period (typically 3-6 months after graduation).
Click Calculate to see monthly payment and total interest cost.
The Formula
Monthly payment = P x [r(1+r)^n] / [(1+r)^n - 1] where P is principal, r is monthly rate, and n is number of payments.
Why It Matters
You have $35,000 in student loans at 5.5% with a 10-year repayment term and 6-month grace period after graduation. Interest accrues during grace adding ~$770 to your balance. After graduation, your $382/month payment over 10 years totals $8,788 in interest. A 15-year term would lower payments but add $4,300 more interest.