GenzeeStudent Loan Repayment Calculator
Enter your loan balance, interest rate and term — see your monthly payment, total interest, and how much an extra payment each month actually saves.
Monthly payment
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How this calculator works
Your standard monthly payment is calculated with the same reducing-balance amortization formula banks use for any fixed-term loan: it's the fixed amount that fully pays off the balance, plus all accrued interest, in exactly your chosen term. Add an optional extra monthly payment to see how much faster you'd be debt-free and how much interest you'd avoid — every extra dollar goes straight to principal instead of accruing more interest first.
Worked example
A $30,000 student loan at 6% interest over 10 years has a standard monthly payment of about $333, and you'll pay roughly $9,967 in total interest over the full term — about a third of the original balance. Add just $100 extra per month and you'd be debt-free in about 7 years 2 months instead of 10, saving roughly $3,046 in interest.
Standard repayment vs income-driven plans
This calculator models a standard, fixed-payment repayment plan — the same payment every month until the loan is paid off, which is how most private loans and many federal repayment plans work. Some government loan programs also offer income-driven repayment, where your monthly payment is calculated as a percentage of your income and can change every year — that structure is not modeled here, since the payment amount depends on rules specific to your country and loan program.
Should you pay extra?
If your loan's interest rate is relatively low, the money might do more for you elsewhere — in an emergency fund, a higher-interest debt, or long-term investing (see our guide to compound interest). If the rate is high, or you simply want the certainty of being debt-free sooner, extra payments toward principal are a guaranteed, risk-free return equal to your interest rate.
Frequently asked questions
Does this work for any country's student loans?
Yes for standard fixed-rate, fixed-term loans — enter your balance, interest rate and term and it applies the same amortization maths banks and loan servicers use everywhere. It does not model income-driven repayment plans, which adjust your payment based on income rather than a fixed schedule.
How much does an extra payment actually save?
Every extra dollar goes straight to principal, which reduces the interest that accrues on all future payments. Even a modest recurring extra payment can cut years off a long loan term and save a substantial amount in total interest — this calculator shows you the exact numbers for your loan.
Why is my total interest so high compared to the balance?
The longer your term and the higher your rate, the more interest accrues over time. A 6% loan repaid over 10 years can easily rack up interest equal to a third of the original balance — this is exactly why extra payments and shorter terms save money.
Should I pay off a low-interest student loan early?
It depends on your other options. If your loan's interest rate is lower than what you could reasonably earn investing or than a higher-interest debt you're also carrying, mathematically it can make sense to prioritize those instead. But there is also real value in the certainty and peace of mind of being debt-free sooner.
Does this account for interest that accrues during school (capitalization)?
No — this calculator assumes your loan balance entered is the amount you'll start actively repaying, and calculates from that point forward. If interest capitalized (was added to principal) before repayment began, make sure your balance already reflects that.