How to use this student loan monthly payment calculator
- Enter how much you want to borrow under Loan amount.
- Type in the loan term in years (not months) under Loan terms.
- 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.
- Click Calculate.
- 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
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
More guides on Finder
Figure Pay prepaid debit card review
The Figure Pay card is free and earns rewards, but it lacks several standard features.
Best business expansion loans of 2021
Compare expansion loans for startups and established businesses.
How to buy Solana (SOL) in 5 steps
Learn how to buy Solana (SOL) with this step-by-step guide and compare various supported cryptocurrency exchanges.
The best debit cards for kids for 2021
Support your child’s financial knowledge and teach the important real-life money skills in a safe and controlled way with a kids’ debit card.
Fundamental analysis: 5 must-have tools for valuing stocks
Steer clear of risky, uninformed trades with moomoo’s tools built for value investors.
Bitcoin’s price rallies despite latest China ban, signaling increased market maturity
While the market as a whole continues to face bearish pressure, significant buyer bids for Bitcoin remain quite strong.
Citibank business loans review
This international bank offers term loans as low as $5,000 to business banking customers. But it’s not upfront about costs.
Compare crypto credit cards 2021
Earn crypto on your purchases with these cards.
A beginner’s guide to cryptocurrency ETFs
If you’re looking for ways to gain exposure to bitcoin and other digital currencies, cryptocurrency ETFs could be worth exploring. Find out what crypto ETFs are and how they work in this introductory guide.
B9 pay advance app review
This pay advance app gives you access to your paycheck 15 days in advance. But with a $4.99 monthly fee, it may not be worth it for everyone.
Ask an Expert