INTERACTIVE TOOL
Student Loan & Personal Loan Calculator
Estimate monthly payment, total interest and total repayment.
LOAN SUMMARY
Estimate for a fixed-rate amortizing loan with equal monthly payments. Not a loan offer.
How the loan calculator works
Enter the amount borrowed, the annual interest rate and the term. The calculator spreads the balance over equal monthly payments using the standard amortization formula: payment = P × r ÷ (1 − (1 + r)−n), where P is the principal, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments.
A worked example
Borrowing $30,000 at 6% over 10 years gives a payment of roughly $333 a month, about $40,000 repaid in total, so around $10,000 goes to interest. Stretching the same loan to 20 years cuts the payment to about $215 but raises total interest to roughly $21,600.
Ways to pay less interest
- Choose the shortest term you can comfortably afford.
- Make extra payments toward principal when possible, after confirming there is no prepayment penalty.
- Compare offers by APR and total cost, not only by the monthly payment.
Limits
Results are estimates. Real loans may include fees, variable rates, grace periods or capitalized interest. Federal student loan terms are explained at Federal Student Aid. This is not financial advice, so check your lender's disclosure before signing.