Student Loan Repayment Calculator | COVID-19

How to use this student loan repayment calculator

What this calculator does

This calculator estimates the fixed payment needed to amortize one student-loan balance over a chosen term, then models an optional recurring extra payment. It reports the scheduled payment, the higher payment with extra principal, payoff timing, total interest, interest savings, months saved, a principal-versus-interest breakdown, and an annual schedule. It is a planning model rather than an eligibility determination, repayment-plan enrollment tool, payoff quote, or statement of what a loan servicer will bill. Federal repayment rules and available plans can depend on loan type, disbursement date, income, and other facts, so compare this estimate with the U.S. Department of Education's official repayment-plan guidance.

When to use it

Use it to test whether a standard fixed payment fits your monthly budget, compare a 10-year term with a longer term, estimate the cost of carrying a higher interest rate, or see how a consistent extra payment might shorten repayment. It is also useful when checking a refinance illustration, preparing a debt-paydown target, or deciding whether a proposed extra amount creates enough interest savings to justify reducing other financial flexibility.

How to calculate

1. The calculator opens with a complete demonstration: a $35,000 balance, 5.50% annual rate, 10-year term, $100 extra monthly payment, and August 2026 first payment. Results and a validated example Excel workbook are available immediately.
2. Replace each demonstration value with your own current figures. Results update live, so no Calculate button is needed.
3. Read the scheduled payment first, then compare it with Payment with extra. Review Accelerated payoff, Interest saved, and Months saved to judge the tradeoff between a larger monthly outflow and a shorter repayment period.
4. Use the annual schedule to inspect how each year's payments split between principal and interest. Download Excel exports the current inputs, summary, breakdown, and every monthly schedule row.
5. Reset clears the demonstration and all calculated content. Download Excel becomes unavailable until you enter a complete valid scenario again.

Input guide

Current loan balance is a required U.S.-dollar amount from $1 to $10,000,000; enter digits with an optional decimal point and comma grouping, such as 35,000. Higher balances increase both payment and lifetime interest. Do not enter a payoff quote that includes fees unless you intend those fees to be financed. Annual interest rate is a required fixed percentage from 0% to 25%, such as 5.50. The calculator divides it by 12 for monthly compounding. A higher rate increases payment and interest; do not enter 0.055 when you mean 5.5%. Federal loan rates are generally fixed for the life of each loan, and current official rates are published in Federal Student Aid's interest-rate guidance.

Repayment term is required and accepts whole years from 1 through 30, such as 10. A longer term usually lowers the required payment but increases total interest. Extra monthly payment is optional and accepts $0 or more, such as $100. It is applied after scheduled interest and therefore accelerates principal reduction; confirm your servicer's processing instructions because the CFPB explains that payments are generally applied to fees, then interest, then principal. First payment month is required and must be a valid month, such as August 2026. It changes payoff dates but not payment math.

Output guide

Scheduled monthly payment is the fixed amount required by the selected balance, rate, and term, excluding the optional extra. Payment with extra adds the extra amount except in the final month, when only the remaining balance and interest are due. Accelerated payoff is the estimated final payment month. Total interest is the interest under the scheduled term without extra payments. Interest saved is scheduled-plan interest minus accelerated-plan interest; zero means the extra payment is zero or produces no modeled difference. Months saved is the reduction in repayment count. Total paid with extra equals principal plus accelerated-plan interest.

The summary pills repeat Monthly, Payoff, and Interest saved for scanning. The donut compares the two mutually exclusive parts of accelerated-plan payments: Principal and Interest. The annual schedule columns show Year, Starting balance, Payments, Principal, Interest, and Ending balance. High early interest is normal in an amortizing loan because interest is calculated on the remaining balance; ending balance should reach zero in the final row.

Worked example

For the startup example, the monthly rate is 5.50% ÷ 12. The scheduled payment follows the standard amortization identity: payment = principal × monthly rate ÷ (1 – (1 + monthly rate) ^{– months}). With $35,000 over 120 months, the scheduled payment is about $379.84. Adding $100 raises the normal outflow to $479.84, shortens payoff to approximately Dec 2033, and saves about $2,880.48 of interest compared with making only scheduled payments. The exact final payment is smaller because the model never allows the balance to go below zero.