Student Loan Monthly Payment Calculator
Example: Loan balance: 25000 $ · Interest rate (APR): 6.53 % · Repayment term: 10 years
| Monthly payment | $284 |
| Total interest paid | $9,110 |
| Total amount paid | $34,110 |
Worked example
A $25,000 loan at 6.53% on the standard 10-year plan works out to a monthly payment of about $284. Over 120 months you pay roughly $34,100 in total, of which about $9,100 is interest. Choosing a shorter term raises the monthly payment but cuts the total interest; a longer term does the reverse.
Frequently asked questions
How is the monthly payment calculated?
It uses the standard amortization formula, which spreads the loan into equal monthly payments where early payments are mostly interest and later ones mostly principal. The payment is fixed for the term, assuming a fixed interest rate and no extra payments.
What is the standard repayment term?
For federal student loans, the standard repayment plan is 10 years (120 payments). Longer terms lower the monthly payment but increase total interest. Enter the term your loan actually uses to see its true monthly cost.
Does a longer term save me money?
No. A longer term lowers the monthly payment but raises the total interest because you are borrowing for more months. It can help cash flow if a payment is unaffordable, but you pay more overall. Compare terms here to see the trade-off in dollars.
Will my payment change over time?
On a standard fixed-rate plan, no — it stays constant. But variable-rate private loans can change with the market, and income-driven federal plans recalculate your payment yearly based on income. This tool models a fixed-rate, standard-amortization loan.