Student Loan Repayment Calculator
Add each loan's balance and interest rate, and see three repayment schedules side by side: level payments over a shorter term, level payments over a longer term, and graduated payments that step up. Then add an extra monthly amount and compare paying the highest rate first (avalanche) with the smallest balance first (snowball). Free, no sign-up, and nothing leaves your browser.
Your loans
Schedule settings
Paying it off faster
Interest accrues monthly at the annual rate ÷ 12 from the first payment. In-school interest, grace periods, capitalization and income-driven formulas are not modelled, and a paid-off loan's payment rolls over to the others.
These are schedules built by formula, not named programs. Real repayment plans have their own names, terms and eligibility rules, and those change — check your servicer's terms; for U.S. federal loans the official source is studentaid.gov.
Results
The three schedules compared
| Schedule | First month | Highest month | Time to repay | Total interest | Total paid |
|---|---|---|---|---|---|
| Level payments, shorter term | $272.58 | $272.58 | 10 years | $7,207.95 | $32,707.95 |
| Level payments, longer term | $151.82 | $151.82 | 25 years | $20,041.17 | $45,541.17 |
| Graduated payments | $190.17 | $394.43 | 10 years | $8,465.83 | $33,965.83 |
5 years 1 month
Time to repay
$3,238.80
Total interest
$28,738.80
Total paid
$3,969.15
Interest saved by the extra
4 years 11 months
Time saved by the extra
Loan by loan
| Loan | Balance | Rate | Paid off in month | Interest paid |
|---|---|---|---|---|
| Loan 1 | $12,000.00 | 4.5% | 55 | $1,691.25 |
| Loan 2 | $8,500.00 | 6.8% | 32 | $798.19 |
| Loan 3 | $5,000.00 | 3.9% | 61 | $749.36 |
Where the extra money goes
| Approach | Time to repay | Total interest | Total paid |
|---|---|---|---|
| Scheduled payments only | 10 years | $7,207.95 | $32,707.95 |
| The highest interest rate (avalanche) | 5 years 1 month | $3,238.80 | $28,738.80 |
| The smallest balance (snowball) | 5 years 2 months | $3,589.00 | $29,089.00 |
How to Use the Student Loan Repayment Calculator
- 1. List your loans. Enter each balance and its annual interest rate. Names are optional. Up to ten loans; leave unused rows empty.
- 2. Check the schedule settings. The three schedules default to 10 years of level payments, 25 years of level payments and 10 years of graduated payments that step up by 20% every 24 months. Change any of them to match the terms you are comparing.
- 3. Compare the schedules. The first table shows the first month's total payment, the highest month, the time to repay, total interest and total paid.
- 4. Try paying extra. Choose a schedule, enter an extra monthly amount and pick where the extra goes. The results, the chart and the comparison table update.
- 5. Read the loan-by-loan table. It shows the month each loan is paid off and the interest it cost.
What the Three Schedules Mean
- Level payments, shorter term — every payment is the same, PMT = B × i ÷ (1 − (1 + i)−n), where B is the balance, i the monthly rate (annual ÷ 12) and n the number of months. It costs the least interest.
- Level payments, longer term — the same formula with a larger n. The monthly payment is smaller and the total interest is much larger, because the balance stays outstanding longer.
- Graduated payments — payments start lower and rise by a fixed percentage every 24 months. The first payment is solved so that the stepped payments repay the loan exactly over the term. It is cheaper at the start, costs more in total than level payments over the same term, and ends with the largest payments.
These are shapes, not named plans
Lenders and servicers name their repayment options, set their terms and eligibility rules, and change them. This calculator models three common schedule shapes by formula; it does not know which plan you qualify for, what a particular program currently offers or what rate applies to you. For U.S. federal loans, the official source for current plans is studentaid.gov. Use your servicer's disclosed terms for any real decision. Nothing here is financial advice.
Avalanche vs Snowball
With extra money to spend, the order matters. The avalanche method sends the extra to the loan with the highest interest rate first; the snowball method sends it to the smallest balance first. In both, each loan's scheduled payment keeps being paid, and once a loan is cleared its payment rolls over to the next, so the total monthly payment never drops.
Avalanche minimises interest — mathematically, money placed against the highest rate saves the most. Snowball clears loans sooner, which some people find easier to stick with. The calculator shows both with your numbers so you can see the price of that choice.
Worked Example
Three loans: 12,000 at 4.5%, 8,500 at 6.8% and 5,000 at 3.9%, together 25,500. On level payments over 10 years the first month's total payment is 272.58, the interest over the life of the loans is 7,207.95 and the total paid is 32,707.95. Stretched to 25 years, the payment falls to 151.82 a month but the interest rises to 20,041.17. The graduated schedule starts at 190.17, peaks at 394.43 and costs 8,465.83 in interest.
Now add 200 a month to the 10-year level schedule. With the avalanche order the loans are repaid in 61 months instead of 120 and the interest falls to 3,238.80, saving 3,969.15. With the snowball order the loans take 62 months and the interest is 3,589.00 — 350.20 more than the avalanche, and the loans are cleared in a different order (the 5,000 loan first, instead of the 8,500 loan).
Limits of the Model
- Interest accrues monthly at the annual rate ÷ 12 from the first payment. Interest that builds while you are in school, grace periods and capitalization of unpaid interest are not modelled.
- Income-driven payments depend on income, family size and program rules, so they are not modelled.
- Rates are fixed for each loan. Payments and interest are rounded to the smallest unit of the currency each month, and each loan's last scheduled payment clears whatever balance rounding leaves.
- Some loans apply extra payments in ways that differ from the assumption here, such as to the next installment. Check how your servicer applies extra payments.
Frequently Asked Questions
- Is the avalanche or the snowball method better for paying off student loans?
- Avalanche costs the least interest because it targets the highest rate first. Snowball costs a little more but clears individual loans sooner, which some borrowers find motivating. In the example on this page the difference is 350.20 over about five years.
- How do I calculate a student loan payment?
- For level payments use PMT = B × i ÷ (1 − (1 + i)−n) with i the annual rate divided by 12 and n the number of months. A 30,000 balance at 6% over 10 years is 333.06 a month. With several loans, the calculator does this for each and adds the results.
- Does a longer repayment term cost more?
- Yes. A longer term lowers the monthly payment but keeps the balance outstanding longer, so you pay more interest in total. In the example, 25 years costs 20,041.17 in interest against 7,207.95 over 10 years.
- What is a graduated repayment schedule?
- Payments start lower and increase at set intervals — here every 24 months by a percentage you choose — while still repaying the loan by the end of the term. Your first payment must be enough to cover monthly interest or the balance grows; the calculator warns you if it is not. A loan program's own graduated plan has its own rules, so check its terms.
- Does this calculator tell me which repayment plan I qualify for?
- No. It models schedules by formula and makes no claim about eligibility, current program terms or interest rates, all of which change. Your loan servicer, or studentaid.gov for U.S. federal loans, is the source for the plans available to you.
- How much will extra payments save me?
- It depends on the balances, rates and how much extra you pay. In the example, 200 a month on the 10-year level schedule saves 3,969.15 of interest and cuts the repayment from 120 months to 61. Enter your own loans to see yours.