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Student loan monthly payment calculator

Is that loan to pay for your dream school in your budget?

How to use this student loan monthly payment calculator

  1. Enter how much you want to borrow under Loan amount.
  2. Type in the loan term in years (not months) under Loan terms.
  3. Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. If your loan does come with additional fees, write the annual percentage rate (APR), which includes interest and fees.
  4. Click Calculate.
  5. Review your results.

In addition to the monthly payment, our calculator also tells you how much you’ll pay back in interest — plus fees if you used your loan’s APR — over the life of the loan.

Is a lower monthly payment always better?

Not necessarily. While a lower monthly payment is more affordable in the short term, it can actually be more expensive in the long run.

Why’s that? In order to get a lower monthly payment, you’ll need a longer loan term. And the longer it takes to pay back a loan, the more time there is for interest to add up. This can get costly if you have a higher interest rate.

If you want to lower your total loan cost, create a budget and figure out how much you can comfortably afford to pay each month. Then choose a loan term that offers monthly repayments around that amount.

Compare private student loan offers

Name Product APR Min. Credit Score Loan amount Loan Term
Purefy Student Loan Refinancing (Variable Rate)
1.88% to 5.54%
650
$5,000 - $300,000
5 to 20 years
Refinance all types of student loans — including federal and parent PLUS loans.
Credible Student Loan Refinancing
1.80% to 8.90%
Good to excellent credit
Starting at $5,000
5 to 20 years
Get prequalified offers from top student loan refinancing providers in one place.
SoFi Student Loan Refinancing Variable Rate (with Autopay)
2.25% to 6.59%
650
Starting at $5,000
5 to 20 years
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
Splash Financial Student Loan Refinancing
1.89% to 6.66%
650
Starting at $7,500
5 to 25 years
Save on your student loans with this market-leading newcomer.
Education Loan Finance Student Loan Refinancing
2.39% to 6.01%
680
Starting at $15,000
5 to 20 years
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
Earnest Student Loan Refinancing
1.88% to 5.64% APR with autopay
650
$5,000 - $500,000
5 to 20 years
Get a tailored interest rate and repayment plan with no hidden fees.
Supermoney student loan refinancing
Starting at 1.9%
No minimum credit score
$5,000 - $300,000
5 to 20 years
Compare options to combine both private and federal debts into one monthly payment.
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Compare up to 4 providers

Bottom line

When you’re deciding between two different student loan providers, calculating how much each loan will cost you in both the short and long term can help you choose the best option for you. You can learn more about what to look for in a lender by reading our guide to student loans.

Need to calculate for a different type of loan? Check out our full list of personal loan calculators.

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