Estimate your potential monthly student loan payments and total interest paid.
Your Estimated Loan Payments
Monthly Payment:
$0.00
Total Interest Paid:
$0.00
Total Amount Paid:
$0.00
Understanding Student Loan Payments
This calculator helps you estimate the monthly payments, total interest paid, and the total amount repaid over the life of your student loan. Understanding these figures is crucial for budgeting and making informed decisions about borrowing for education.
How the Calculation Works
The monthly payment for a student loan is calculated using the standard annuity formula, which factors in the principal loan amount, the interest rate, and the loan term.
Loan Amount (P): The total sum of money borrowed for your education.
Annual Interest Rate (r): The yearly rate at which your loan accrues interest. This is converted to a monthly rate for the calculation (r / 12).
Loan Term (n): The total number of years you have to repay the loan. This is converted to months (n * 12).
The formula for the monthly payment (M) is:
M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1]
Where:
P = Principal loan amount
r = Monthly interest rate (Annual Rate / 12)
n = Total number of payments (Loan Term in Years * 12)
Once the monthly payment is calculated, the Total Interest Paid is found by subtracting the original loan amount from the total amount repaid over the loan term (Monthly Payment * Total Number of Payments). The Total Amount Paid is simply the sum of all monthly payments.
When to Use This Calculator
Comparing Loan Offers: If you receive multiple student loan offers, use this calculator to see how different interest rates and terms affect your payments.
Budgeting for Repayment: Before you even take out a loan, estimate your future monthly payments to ensure they fit within your expected post-graduation budget.
Understanding Loan Consolidation/Refinancing: See how changing your loan term or interest rate through consolidation or refinancing might impact your monthly costs.
Assessing Affordability: Gauge the long-term financial commitment of a particular loan amount.
Remember, this calculator provides an estimate. Actual loan payments may vary slightly due to rounding by lenders or specific repayment plan structures. Always consult your loan provider for exact figures.
function calculateStudentLoan() {
var loanAmountInput = document.getElementById("loanAmount");
var interestRateInput = document.getElementById("interestRate");
var loanTermInput = document.getElementById("loanTerm");
var loanAmount = parseFloat(loanAmountInput.value);
var annualInterestRate = parseFloat(interestRateInput.value);
var loanTermYears = parseFloat(loanTermInput.value);
var monthlyPaymentResult = document.getElementById("monthlyPayment");
var totalInterestResult = document.getElementById("totalInterest");
var totalPaidResult = document.getElementById("totalPaid");
monthlyPaymentResult.textContent = "$0.00";
totalInterestResult.textContent = "$0.00";
totalPaidResult.textContent = "$0.00";
if (isNaN(loanAmount) || loanAmount <= 0 ||
isNaN(annualInterestRate) || annualInterestRate < 0 ||
isNaN(loanTermYears) || loanTermYears <= 0) {
alert("Please enter valid positive numbers for all fields.");
return;
}
var monthlyInterestRate = annualInterestRate / 100 / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPayment = 0;
if (monthlyInterestRate === 0) {
monthlyPayment = loanAmount / numberOfPayments;
} else {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
}
var totalPaid = monthlyPayment * numberOfPayments;
var totalInterest = totalPaid – loanAmount;
monthlyPaymentResult.textContent = "$" + monthlyPayment.toFixed(2);
totalInterestResult.textContent = "$" + totalInterest.toFixed(2);
totalPaidResult.textContent = "$" + totalPaid.toFixed(2);
}