Student Loan Calculator helps you estimate your monthly payment on your loan. Once you know how much you need to borrow and what the interest rate on the loan will be you can determine how much
your monthly payment is based on the length of the loan.
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| Loan Amount represents the total amount you want to borrow. This is how much you will have to pay off later. Loan Amount has to be between 100 - 1,000,000. | ||
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| This is the Interest Rate that is set on your loan. Make sure to enter a valid value between 0.001 and 100. Do not put the percent sign into the field. | ||
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| Loan Fees is an optional field and should be entered only if you are required to pay a loan fee. Please note the Loan Fees field is a percentage of the Loan Amount. Make sure to enter a valid value between 0.001 and 100. Do not put the percent sign into the field. | ||
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| This field expects you to enter how many years you want to be paying off the money you borrowed. Please enter whole numbers between 1 and 30. | ||
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This Student Loan Calculator can be used on any type of Student Loan: Federal Student Loans,
Private Student Loans, Peer to Peer Student Loans, and
Personal Loans. If you wish to calculate other types of loans including auto, mortgage, and others please use it.
Below is an explanation for the Student Loan Calculator. Included are important assumptions about the calculations being made. We explain every field of the calculator, plus we provide calculation tips helping you pay off your
loan sooner. This section also includes an example calculation showing you what to expect.
When you calculate your payments please make sure to remember this is a very generic calculator and your result could vary depending on actual loan terms. Treat this calculator as a good start in understanding
what your monthly payment on the loans could be.
This is a generic simple loan calculator. We made few assumptions you need to understand when you calculate. Here is a list of assumptions:
Constant Interest Rate
Equal Monthly Installments
This calculator uses constant interest rate. Whatever interest rate you enter it will use that rate every month to calculate the payment. If the loan at hand has adjustable interest rate you will not
be able to calculate your monthly payment correctly.
Equal monthly installments must be made if you want this calculator to be accurate. This means you can not make one big payment in the middle of your loan repayment and still assume it's going to take the same
amount of months to pay off the loan. If you make a large payment during the life of the loan the amount of time it takes to pay off this loan will decrease.
The following input is used by the calculator:
Loan Amount
Interest Rate
Loan Fees
For How Long
Loan Amount represents the total amount you want to borrow. This is what has to be repaid. The bigger the loan the bigger the monthly payment will be.
Interest Rate is percentage you pay to the lender for lending you the money. Student Loans and lenders have different interest rates.
You can check out current rates by visiting our Interest Rates Page
Loan Fees is an optional field allowing you to enter any fees that come with the loan as a percentage of the Loan Amount. For example: if your loan for $10,000 has fees
totaling $100 you would enter 0.01 or 1 into the form. The fees will increase your monthly payment.
For How Long field asks you the term of the loan in years. How many years will you be paying off this loan.
Example calculation based on a Loan Amount of $10,000. Interest rate is %6 and the loan is for 10 years. Payment Calculation is:
Monthly Payment Is: $111.02
Fee Is: %0
Loan Amount Is: $10000
Adjusted Loan Amount Is: $10000 (nothing changes as there are no fees)
Interest Rate Is: 6%
Term (Years) Is: 10
Term (Months) Is: 120
In order to see how to pay off your Student Loans faster please shorten the length of the loan. You can do this by decreasing the number in the For How Long field.
Adjusting down the length of the loan increases your monthly payment, but it also decreases the number of months you will be paying it off. The total loan payment will also be smaller.
Student can also apply varies Interest Rates by loan type and see what happens with the monthly payment and what a little different in percentage does to your payments.
If you know your student loan monthly payment you can check out other calculators:
Budget Planner
Save Money WIZARD
This calculator gives you a quick idea of what your loan payment could be. Adjust your parameters and see what happens to the payment when the terms of the loan change. One you play with this calculator
it will be easier for you to understand the payment on the real loan.
We advise our financial aid candidates to use our tools below and see how much college is going to cost, how to plan or save for college, how to find financial aid, and calculate loan amounts.
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