Free calculator
Student loan calculator
Estimate level monthly payments for a fixed-rate student loan in repayment—the same PMT annuity math as our amortization tool, framed for education debt you model as one balance, one nominal rate, and a payoff horizon. Add an optional fixed extra to principal each month to see rough months and interest saved versus the baseline. This is not a U.S. federal income-driven (IDR) or SAVE simulator, not a refinance or lender quote, and not a 529/BAföG/FAFSA product—illustration only.
When to use this calculator
A fast P&I + Sheets/Excel bridge when you are already in a level-payment, fixed-rate story—not when you need income-based or per‑loan servicer policy.
- Ballpark a monthly payment, total interest, and total repaid for a private or consolidation loan you are modeling as a single fixed-rate tranche in repayment.
- See the order of magnitude of extra to principal each month: shorter payoff and less interest versus the same P&I and term without extra (same simplified assumptions throughout).
- Match spreadsheet
PMTto this page, then use the amortization schedule tool when you need a full month-by-month table. - Compare the savings mindset to a time-value or amortization model before you build a year-by-year model in a workbook.
This page uses one fixed nominal annual rate, one current principal (the balance you are paying down), and one number of monthly payments left—exactly the fully amortizing story behind PMT in Google Sheets and Excel. Extra is modeled as the same contractual level payment, plus a fixed add-on to principal each month until the balance is 0 (see limitations below).
Monthly rate from the quoted annual
The tool converts your nominal annual % to a monthly periodic rate i the same way as the amortization schedule calculator. This is the accrual model for a standard fixed-rate example, not your full APR with fees or insurance.
Level payment to zero in n months
The baseline line uses the standard PMT / annuity identity: one payment that pays the principal to zero after the n months you type. 0% interest is principal ÷ n; positive rates use the same formula the spreadsheet cards show.
Extra to principal (optional add-on row)
When you enter a positive extra each month, we still assume the same level base payment from the full-term schedule, and apply (base + extra) against interest-first each month. Your real servicer’s minimum vs overpayment rules may differ—so treat this as a what-if illustration.
We do not model U.S. federal income-driven (IDR) plans, forbearance interest, in-school disbursement paths, or per-loan fee stacks. For those questions, use official tools and your servicer. Variable rates, refinance product switching, and co-signer pricing are also out of scope here.
For a full month-by-month amortization tablewith `PPMT` / `IPMT`, use the tool below.
For **saving** toward school before you borrow, see the college savings calculator(FV/PMT)—a different job than repaying a loan you already have.
Google Sheets & Excel
The baseline monthly line matches =PMT(annualRate/12, nMonths, -principal) with the same sign conventions as other loan tools. Replace the placeholders with your cells. For period principal and interest, add PPMT and IPMT at the same nMonths and per (month index) as on the amortization PDP—this page does not show a table.
=PMT(annualRate/12,nMonths,-principal)Sheets and Excel return PMT as a negative outflow by convention; nMonths is the total monthly count for the baseline term.
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Frequently asked questions
How is the monthly payment calculated?
The baseline is a fully amortizing, fixed nominal rate with level monthly payments over the term you enter. We use the same PMT identity and monthly rate split as the amortization schedule calculator. 0% is simply balance ÷ months.
Is this a federal (IDR) or “SAVE” calculator?
No. U.S. federal loans can use income-driven plans, forbearance rules, and other policies this page does not model. For U.S. federal borrowers comparing plans, the U.S. Department of Education hosts a Loan Simulator on StudentAid.gov (official site, not 10XSheets).
What about subsidized vs unsubsidized or in-school accrual?
This v1 model assumes you are in repayment with one level monthly payment. In-school interest accrual, grace periods, and subsidized “no interest in school” stories are a separate timeline. If we add a phase-2 in-school or grace accrual path, we will call it out clearly on this page; today it is out of scope.
Can I model refinancing to a new rate or term?
You can re-run the page with a new balance, rate, and term to explore a what-if, but this is not a refinance marketplace, not a soft credit check, and not a comparison of real offers. Use it as math only.
Why does this differ from my servicer or from StudentAid?
We use a simple fixed annuity layer with round-friendly math. Servicers can round rates, allocate each payment, or follow federal rules. Any federal plan comparison should use the official U.S. tools or your servicer for binding numbers.
How do I match in Google Sheets or Excel?
Start with =PMT(annualRate/12, nMonths, -principal) for the level line. The tool’s spreadsheet block shows the same string with placeholders. For PPMT/IPMT and a schedule, use the amortization calculator on this site with the same inputs as a cross-check.
Is this educational or personal financial advice?
It is a free educational tool. For decisions with your money, credit, or tax on the line, work with qualified professionals, your servicer, and the authoritative program rules that apply to your loans and country.