Your Payment Is Set by Three Numbers

The monthly payment on a federal or private student loan is determined by just three numbers: the balance you owe, the interest rate on the loan, and the repayment term you pick. Most borrowers land on the standard 10-year plan, where the payment is fixed for the life of the loan and every dollar is split between accrued interest and principal. Federal loans add a useful twist: enroll in auto-pay and most servicers cut your rate by 0.25%, which shaves real money off a decade of payments. This calculator applies that discount to the rate, then runs the full amortization month by month so the interest total, payoff date, and any extra-payment savings all come from the same schedule.