ð Student Loan
Monthly payments and total interest on student debt
About this calculator
Student loans linger when you only see the monthly minimum. Enter your balance, interest rate, and term â or your desired payoff date â and the calculator shows the monthly payment, total interest, and how extra payments or a shorter term change both.
Payments follow the standard amortization formula on the monthly rate over the number of payments. Because interest accrues on the remaining balance, every extra dollar goes straight to principal and shortens the loan.
Tip: Canadians: federal student loans currently carry 0 percent interest, but provincial portions may not â direct extra payments at the interest-bearing part first for the biggest savings.