TopToolsAiEstimate your monthly student loan payment and total interest paid over the life of the loan, based on the balance, interest rate, and repayment term. A $30,000 loan at 5% interest over a 10-year term works out to a monthly payment of roughly $318, with total interest paid over the life of the loan coming to about $8,200 on top of the original balance.
Last updated: 1 Sep 2026
How to use Student Loan Repayment Calculator
- Enter your loan balance, interest rate, and monthly payment.
- Click "Calculate" to see how long it will take to pay off and the total interest.
Frequently asked questions
Does this include any government subsidy or forgiveness programs?
No — this is a straightforward amortization calculation based on the balance, rate, and term you enter.
What happens if I pay more than the minimum?
Extra payments reduce the principal faster, which shortens the loan term and lowers the total interest paid overall.
Why does my monthly payment barely reduce the balance at first?
Similar to other amortized loans, early payments go mostly toward interest — the principal drops faster later as the balance shrinks.
Should I refinance my student loan for a lower rate?
It can save money if you qualify for a meaningfully lower rate, but check if you'd lose access to government protections (like income-based repayment) tied to the original loan.
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