Payment Calculator
Determine a monthly payment from a loan amount, term and rate.
Inputs
$
%
years
Result
Monthly Payment$1,264.14
Total Interest$255,088.98
Total Paid$455,088.98
About the Payment Calculator
The Payment Calculator finds the monthly payment on any fixed-rate installment loan — mortgage, auto, personal, student — from the loan amount, APR, and term.
Calculation method
Standard amortizing-loan formula, identical to the Loan Calculator.
M = P × r × (1 + r)^n / ((1 + r)^n − 1)How to use this calculator
- Enter the amount financed.
- Enter the annual rate.
- Enter the loan term in years.
Example
A $15,000 loan at 6.5% for 4 years has a monthly payment of about $355.
Frequently asked questions
Why does the payment stay the same but the split change?
Interest is a percentage of the current balance. As the balance falls, interest shrinks and more of each payment goes to principal — the payment total stays constant.
Does making biweekly payments help?
Yes. 26 half-payments per year equals 13 monthly payments — one extra per year — which can shave years off long loans.
What's a good rate?
Depends on loan type and credit score. Compare offers from at least three lenders and use APR, not just interest rate.
Student loans: what to know before you calculate
Student loans are amortizing installment loans — the same math as auto and personal loans — but the terms, rates, and repayment plans are unique. US federal loans have fixed rates set each July, standard 10-year terms, and income-driven options. Private loans price on credit and can be fixed or variable. Whichever type you have, the monthly payment depends on three inputs: balance, interest rate, and term.
Worked examples
- Undergraduate — $27,000 federal
$27,000 balance at 6.53% on the Standard 10-year plan = about $307/month, with roughly $9,850 total interest over the life of the loan.
- Graduate — $60,000 federal
$60,000 balance at 8.08% on a 10-year term = about $730/month, with roughly $27,600 total interest paid.
- Refinance — $45,000 private
Refinancing $45,000 from 7.5% to 5.75% over 10 years drops the payment from $534 to $493 and saves close to $5,000 in interest — if you don't need federal protections.
Student loan FAQs
How is a student loan monthly payment calculated?
Student loans use the standard amortizing-loan formula: M = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the balance, r is the monthly interest rate (APR ÷ 12), and n is the number of months. Federal loans typically use a 10-year (120-month) standard term.
What is a realistic interest rate for student loans?
US federal undergraduate Direct loans for 2024–25 are 6.53% fixed, graduate Direct loans 8.08%, and PLUS loans 9.08%. Private student loan rates typically range from 4% to 15% depending on credit and whether you choose fixed or variable.
Standard vs. income-driven repayment — which saves more?
The Standard 10-year plan has the highest monthly payment but the lowest total interest. Income-driven plans (SAVE, IBR, PAYE) lower payments based on income but extend the term to 20–25 years, so total interest paid is usually much higher unless forgiveness applies.
Should I refinance federal student loans?
Refinancing to a private lender can reduce your rate if you have strong credit and stable income, but it permanently forfeits federal benefits: income-driven plans, deferment, forbearance, and Public Service Loan Forgiveness (PSLF). Only refinance federal loans if you're certain you won't need those protections.
Do extra payments really shorten a student loan?
Yes. Every extra dollar goes to principal, which lowers the balance interest is charged on next month. Just $50 extra per month on a $30,000 loan at 6% over 10 years pays it off about 18 months early and saves roughly $1,600 in interest.
Ready to run the numbers?
Use the dedicated Student Loan Calculator to see your monthly payment and total interest.
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional for decisions specific to your situation.