Enter Loan Details
Repayment Summary
Standard Monthly Payment: -
Standard Repayment Period: -
Accelerated Repayment Period (with Extra Payment): -
Total Interest Paid (Standard): -
Total Interest Paid (Accelerated): -
Interest Saved: -
Remaining Debt Chart
Yearly Payment Plan
🎓 Overview: Manage Your Student Loan Smarter
The Student Loan Repayment Calculator helps you plan your repayment strategy by showing:
- 📆 Your standard monthly payment based on loan amount, interest rate, and term
- 📉 How much total interest you’ll pay
- ⚡ The effect of extra monthly payments on shortening your repayment period
- 📊 A year-by-year breakdown and repayment visualization
Ideal for graduates, parents, and financial planners, this tool simplifies the path to paying off student loans faster and smarter.
📘 Formula & Methodology
Monthly payments are calculated using the standard amortization formula:
P = (r × L) / [1 - (1 + r)^(-n)]- L = Loan amount
- r = Monthly interest rate (annual APR ÷ 12 ÷ 100)
- n = Number of total monthly payments
When you add an extra payment, the effective monthly amount becomes P + Extra. The calculator then simulates monthly balances and recalculates until the loan is fully paid. It outputs:
- ⏱️ Revised loan term (months/years)
- 💸 Total interest paid (with and without extra payments)
- 📉 Interest saved and months saved
📊 Example Calculation
Let’s say you borrowed €30,000 at 6% APR over 10 years:
- Standard Monthly Payment: €333.06
- Total Interest (Standard): €9,967.38
Now, if you add an extra payment of €50/month:
- Revised Loan Term: ~8 years and 4 months
- Total Interest (Accelerated): ~€8,163.44
- Interest Saved: ~€1,803.94
The extra €50/month shaves off 1.5 years and saves you around 1,800 €.
💡 Common Use Cases
- 🎓 Comparing loan repayment options (standard vs accelerated)
- 📈 Understanding how interest accumulates over time
- 💸 Estimating savings from making early payments or refinancing
- 🧮 Planning a monthly student loan budget post-graduation
📈 Remaining Debt Chart
The interactive chart visualizes how your loan balance declines over time, comparing the standard and extra-payment scenarios.
📅 Yearly Payment Plan
This table summarizes your loan repayment details per year, including:
- 🎯 Total annual payments
- 💰 Interest vs. principal breakdown
- 📉 Remaining loan balance at year-end
❓ Frequently Asked Questions
How is the monthly payment calculated?
We use the amortization formula based on your loan amount, term, and interest rate. It calculates the fixed monthly payment needed to pay off your loan in full.
How do extra payments impact my loan?
Extra payments go directly toward the loan principal, reducing your balance faster. This shortens your repayment term and saves you interest.
Can I customize the extra payment amount?
Yes — simply enter your extra monthly payment and the calculator will adjust the results accordingly.
Does it handle both private and federal loans?
Yes. The tool works for any fixed-interest loan. For income-driven plans or loans with deferment/forbearance, additional conditions may apply.
Can I use this for parent PLUS loans or consolidation loans?
Absolutely — just enter the total loan amount and details. This calculator is ideal for any fixed-interest loan structure.
Is the interest rate compounded monthly?
Yes — we assume monthly compounding, which is standard for student loans unless otherwise specified.
Can I download or print the results?
Yes. Use the “Print/Export” button to save a PDF or physical copy of your repayment summary.