ConvertOnlineStudent Loan Calculator: Payment and Payoff
Report source: https://convertonline.org/calculators/student-loan-calculator
Model a fixed-rate student loan with level monthly payments, then compare extra principal payments. Federal borrowers should check official repayment options before changing plans or refinancing.
Calculations run in your browser. Your balances, account labels, and other financial inputs are not uploaded or stored.
Student Loan Calculator
Estimated student loan payment and payoff
Detailed results
Swipe or scroll horizontally to see every column.
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How the student loan calculator works
The scheduled payment uses P × r ÷ [1 − (1 + r)⁻ⁿ]. Extra amounts reduce principal after each scheduled payment and therefore reduce later interest.
This is a fixed-payment estimate, not an income-driven repayment or forgiveness calculator.
How to use this calculator
- Enter the balances, rates, payments, and dates from your latest statements.
- Review optional assumptions, then compare the primary result and total cost.
- Open the schedule to verify the payoff path before printing or saving a PDF.
Assumptions and limitations
- The loan has a fixed rate with monthly payments.
- Extra payments are applied to principal without a prepayment penalty.
- Income-driven repayment, deferment, forbearance, capitalization, forgiveness, and tax effects are excluded.
Sources and further reading
Worked example
Example: $30,000 at 5%
A $30,000 balance at 5% with 120 months remaining has an estimated $318.20 scheduled payment.
Adding $100 each month pays the modeled loan off in about 86 months and saves about $2,467.91 in interest.
Frequently asked questions
Does this calculate income-driven repayment?
No. Use the official Federal Student Aid Loan Simulator for federal repayment plans and eligibility information.
How do extra payments help?
Extra principal lowers the balance used for future interest and can shorten the payoff period.
What should federal borrowers consider before refinancing?
A private refinance can remove federal repayment, deferment, discharge, and forgiveness protections.
This calculator provides an estimate for planning and education. It is not a lender disclosure, credit counseling, legal advice, tax advice, or a promise of eligibility or savings.