You enter the loan amount, annual interest rate, repayment term in years, and an optional grace period in months. The tool applies the standard amortization formula to compute a fixed monthly payment, then multiplies by the number of months for total paid and subtracts the principal for total interest. The grace period shifts the payoff date forward without capitalizing interest. It assumes a fixed rate with no income-driven adjustments.
Use the rate on your loan agreement or servicer statement. Federal Direct Loans for 2024–2025 are fixed at 6.53% (undergraduate) and 8.08% (graduate). Private loan rates vary by lender and credit profile.
No. IDR plans (SAVE, PAYE, IBR, ICR) cap payments at a percentage of discretionary income and may forgive remaining balances after 20–25 years. This calculator models standard fixed repayment only. Check studentaid.gov for IDR estimates.
PSLF forgives remaining federal loan balances after 120 qualifying payments while working for a qualifying employer. This tool does not model forgiveness — it assumes the loan is paid in full over the stated term.
Extra payments reduce total interest and shorten your payoff date. Even an additional $50–100 per month can save thousands over the life of a 10-year loan. Direct extra payments to principal, not future payments.
In this calculator, the grace period simply delays the payoff date. In reality, unsubsidized federal and private loans accrue interest during grace, which may capitalize (add to principal) when repayment begins. Subsidized loans do not accrue grace-period interest.
Estimate only. Results reflect your inputs and standard formulas — they are not financial, tax, legal, health, or investment advice. Verify important decisions with a qualified professional.