Student Loan Repayment Calculator
Calculate your monthly student loan payments, total interest, and payoff date. See how extra payments can save you thousands and help you become debt-free faster.
Monthly Payment
$397.952
/month
Total Interest
$12,754.28
Total Paid
$47,754.28
Payoff Date
August 2036
Standard Repayment Total: $47,754.28
Standard Total Interest: $12,754.28
Amortization Schedule
Frequently Asked Questions
How is student loan interest calculated?
Student loan interest is calculated daily using a simple interest formula. Your annual rate is divided by 365 to get the daily rate, multiplied by your current principal balance each day. This means interest accrues daily, and the faster you pay down principal, the less total interest you'll pay over the life of the loan.
How much can I save by making extra payments?
Extra payments go directly to principal, reducing the balance that future interest is calculated on. Even $50-100 extra per month can save thousands and cut your repayment by years. For example, $100 extra/month on a $35,000 loan at 6.53% saves about $4,500 in interest and pays off 2.5 years earlier.
Should I pay off student loans early or invest?
It depends on your interest rate. If your loan rate is below 5-6%, you might earn more by investing (historically 7-10% in the stock market). If your rate is above 7%, paying off loans is a guaranteed return. A balanced approach — making minimum loan payments while also investing — is often the smartest long-term strategy. Don't sacrifice emergency savings or employer 401(k) matching to pay loans faster.
This calculator is for educational and estimation purposes only. It does not constitute financial, legal, or educational loan advice. Source: Federal Student Aid interest rates (2026).