Student Loan Calculator – Formula & Examples

Period	Principal paid	Interest paid	Balance
Year 1	3,086.29	2,122.97	36,913.71
Year 2	3,260.38	1,948.88	33,653.33
Year 3	3,444.29	1,764.97	30,209.03
Year 4	3,638.58	1,570.68	26,570.46
Year 5	3,843.82	1,365.44	22,726.63
Year 6	4,060.64	1,148.62	18,665.99
Year 7	4,289.7	919.56	14,376.29
Year 8	4,531.67	677.59	9,844.62
Year 9	4,787.29	421.97	5,057.33
Year 10	5,057.33	151.93	0

Period

Principal paid

Interest paid

Balance

Year 1

3,086.29

2,122.97

36,913.71

Year 2

3,260.38

1,948.88

33,653.33

Year 3

3,444.29

1,764.97

30,209.03

Year 4

3,638.58

1,570.68

26,570.46

Year 5

3,843.82

1,365.44

22,726.63

Year 6

4,060.64

1,148.62

18,665.99

Year 7

4,289.7

919.56

14,376.29

Year 8

4,531.67

677.59

9,844.62

Year 9

4,787.29

421.97

5,057.33

Year 10

5,057.33

151.93

About the Student Loan Calculator

Estimate monthly student loan repayments, total interest and payoff time for a standard repayment plan.

Also known as: education loan calculator, student loan repayment, college loan calculator.

How to use this calculator

Enter loan amount, interest rate (annual), loan term.
The result updates instantly as you type — press Calculate (or Enter) at any time.
Review the breakdown shown under the main result.
Use Copy result or Share to save the answer or send a link with your inputs.

Formula

EMI = P·r·(1 + r)ⁿ / ((1 + r)ⁿ − 1)

P: = principal borrowed
r: = monthly rate = annual rate ÷ 12
n: = number of monthly payments

Worked example

Using the values pre-filled in the calculator above:

Loan amount = 40,000
Interest rate (annual) = 5.5 %
Loan term = 10 years

the calculator returns:

Monthly payment (EMI): 434.11
Total interest: 12,092.61
Total repayment: 52,092.61
Number of payments: 120

Frequently asked questions

How is the monthly payment calculated?

With the standard amortization (EMI) formula M = P·r·(1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12) and n the number of monthly payments.

Why is most of the early payment interest?

Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, more of each fixed payment goes to principal.