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About this tool
Calculate a student loan's monthly payment, capitalised interest, total cost and the savings from paying extra each month.
This student loan calculator gives the level monthly payment, the interest that capitalises before repayment begins, and the total amount you will repay, using the standard amortisation formula M = B × i ÷ (1 − (1 + i)^−n) with i as the monthly rate and n the number of instalments. It also models the grace period, where an unsubsidised loan accrues simple interest that is added to the balance when repayment starts, and shows what an extra payment each month would save. It is built for students and graduates deciding how much to borrow or how fast to repay.
Open Student Loan Calculator on AltFTool — it loads instantly in your browser.
Enter the values you already know.
Fine-tune the options to match your scenario.
Read the result and use it in your planning or reporting.
Grace-period interest is calculated and displayed on its own, so you see the balance grow before the first payment.
Reports months saved and interest saved side by side with the scheduled plan.
Splits every year into interest, principal and closing balance so you can see how slowly early payments touch the principal.
At 6% over the standard 10-year term it is $333.06 a month, and you repay $39,967 in total — $9,967 of it interest. Raising the rate or extending the term lowers the monthly figure but increases the total interest.
Capitalisation is unpaid interest being added to your principal, after which you pay interest on that interest. On a $30,000 unsubsidised loan at 6.53%, a six-month grace period adds about $980 to the balance before the first payment is even due.
Ten years, or 120 monthly payments, under the US Department of Education's Standard Repayment Plan for Direct Loans. Extended and income-driven plans can run 20 to 25 years, which cuts the monthly payment but raises the total interest substantially.
Yes, because every extra dollar goes straight against principal and stops accruing interest. On the $30,000 at 6% example, adding $100 a month clears the loan in 86 months instead of 120 and saves about $3,046 in interest.
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