Student Loan Calculator
Calculate monthly student loan payments, total interest, and amortization schedule.
About this tool
A student loan calculator shows you the true cost of borrowing for your education, not just the amount you take out. By turning the principal, interest rate, and term into a monthly payment and a total interest figure, it reveals what the loan really costs and how long repayment will take.
Enter your loan amount, the annual interest rate, and the repayment term, then read off the monthly payment, the total interest paid, and a payoff timeline. It is useful for comparing loan offers, planning a realistic budget, and deciding whether extra payments are worthwhile.
Even a small difference in rate or a modest extra monthly payment can noticeably reduce the total interest you pay over the life of the loan. These figures are estimates for planning rather than a loan offer, and everything runs locally in your browser.
Frequently Asked Questions
Code Implementation
def calculate_student_loan(principal: float, annual_rate: float,
years: int) -> dict:
"""Calculate student loan monthly payment and total interest."""
monthly_rate = annual_rate / 100 / 12
n = years * 12
if monthly_rate == 0:
monthly_payment = principal / n
else:
monthly_payment = principal * (monthly_rate * (1 + monthly_rate) ** n) / ((1 + monthly_rate) ** n - 1)
total_payment = monthly_payment * n
total_interest = total_payment - principal
return {
"monthly_payment": round(monthly_payment, 2),
"total_payment": round(total_payment, 2),
"total_interest": round(total_interest, 2),
}
def amortization_schedule(principal: float, annual_rate: float, years: int):
"""Generate full amortization schedule."""
monthly_rate = annual_rate / 100 / 12
n = years * 12
payment = calculate_student_loan(principal, annual_rate, years)["monthly_payment"]
balance = principal
for month in range(1, n + 1):
interest = balance * monthly_rate
principal_part = payment - interest
balance -= principal_part
yield {
"month": month,
"payment": round(payment, 2),
"principal": round(principal_part, 2),
"interest": round(interest, 2),
"balance": round(max(balance, 0), 2),
}
# Example: $30,000 loan at 5.5% over 10 years
result = calculate_student_loan(30000, 5.5, 10)
print(f"Monthly Payment: ${result['monthly_payment']}")
print(f"Total Payment: ${result['total_payment']}")
print(f"Total Interest: ${result['total_interest']}")Comments & Feedback
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