Loan Calculators
Student Loan Calculator
Work out student loan repayments, the total interest across the repayment term and how overpaying shortens it.
Monthly payment
$363.35
- Total interest
- $11,602
- Total repaid
- $43,602
- Payoff time
- 120 months
- Interest
- Principal
Yr 1Yr 2Yr 3Yr 4Yr 5Yr 6Yr 7Yr 8Yr 9Yr 10
Repayment schedule — yearly
| Year | Interest paid | Principal paid | Balance remaining |
|---|---|---|---|
| 1 | $2,011 | $2,349 | $29,651 |
| 2 | $1,853 | $2,507 | $27,144 |
| 3 | $1,686 | $2,675 | $24,469 |
| 4 | $1,506 | $2,854 | $21,615 |
| 5 | $1,315 | $3,045 | $18,571 |
| 6 | $1,111 | $3,249 | $15,322 |
| 7 | $894 | $3,466 | $11,855 |
| 8 | $662 | $3,699 | $8,157 |
| 9 | $414 | $3,946 | $4,211 |
| 10 | $150 | $4,211 | $0 |
How this calculator works
M = P × r ÷ (1 − (1 + r)^−n)
- P
- the amount borrowed, including any financed fee
- r
- the monthly interest rate
- n
- the number of monthly payments
Important considerations
- Early repayment charges are not modelled — check your agreement before overpaying.
- Fees and insurance products added by the lender change the true cost.
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Learn more
Terms used here
Frequently asked questions
Does paying extra each month help much?
Yes. Extra payments reduce the balance directly, so all future interest is charged on a smaller amount and the loan ends earlier.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01