Student Loan Repayment Calculator
Explore a fixed repayment plan and see what an extra monthly payment could change.
Monthly repayment approximation. Actual student-loan interest can accrue daily and depend on payment dates, capitalization and program rules. This tool does not determine repayment-plan or forgiveness eligibility.
Amortization schedule
| Month | Payment | Principal | Interest | Balance |
|---|
The entire schedule is included in CSV and print. Use your browser鈥檚 Save as PDF destination, if available. Equal monthly periods; cents rounded; final payment adjusted. Estimates only.
Use the rate for this specific balance
Enter the current balance, its annual interest rate and the remaining repayment term. For an interest-free portion, enter 0%. If loans have different rates or rules, calculate each separately rather than treating this as a consolidation quote.
For example, a 12,000 interest-free balance over 60 months has a 200 monthly payment. Adding 50 each month pays it off in 48 months. There is no interest saving at 0%, but repayment ends 12 months earlier.
Important student-loan limits
U.S. federal Direct Loans accrue simple daily interest. This calculator uses equal monthly periods, so it cannot reproduce day-by-day servicer interest or an exact payoff quote. It excludes deferment, forbearance, subsidies, capitalization events, income-driven repayment, grace periods, fees and forgiveness programs.
Canada Student Loans are interest-free; provincial or territorial portions can have different rules. Select the actual rate for the balance being modeled and verify it with your loan provider. Do not assume every student loan is interest-free.
How the repayment estimate works
Payments occur at the end of equal monthly periods, with the first payment one month after the starting balance date. The interest rate stays fixed. Monthly interest equals the opening balance 脳 annual rate 梅 12, with the rate expressed as a decimal.
The regular payment uses the standard amortization formula. Monthly interest and payments are rounded to cents; the final payment is adjusted to clear the balance at or before the original term. Extra payments are applied after that month鈥檚 interest and shorten repayment. Totals are the sum of the schedule, so they can differ slightly from a lender鈥檚 calculation.
Amounts are rounded to two decimal places. Terms from 1 to 600 whole months, amounts from 1 to 100,000,000 and interest rates from 0% to 100% (up to six decimal places) are supported. These are calculator limits. Very long, high-rate scenarios may be rejected when cent rounding prevents the regular payment from reducing principal.
Common questions
Can I download or print the full amortization schedule?
Yes. Download CSV includes every monthly row and the calculation assumptions. Print / Save as PDF opens your browser鈥檚 print dialog; select Save as PDF if your browser offers it. If you add extra payments, choose either schedule before exporting.
Why is the final payment different?
Rounding regular payments and interest to cents can leave a small difference. The final payment is adjusted to repay exactly the remaining balance and that month鈥檚 interest.
Does changing currency convert the amounts?
No. It only changes the display label. Enter every amount in the same currency. The model assumes two decimal places and does not fetch exchange rates.
Official sources
Federal Student Aid explains daily interest and loan types. The National Student Loans Service Centre glossary explains Canadian loan interest terms. These links provide context; this calculator does not check your account or program eligibility.