Estimate your monthly payments, total interest, and full repayment cost for one or more student loans.
Total Monthly Payment
Total Amount Paid
Total Interest Paid
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%
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Optional extra payment toward principal
Show Amortization Schedule
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance |
|---|---|---|---|---|
| 1 | $30,000 | $2,258 | $1,739 | $27,742 |
| 2 | $27,742 | $2,397 | $1,599 | $25,344 |
| 3 | $25,344 | $2,545 | $1,451 | $22,799 |
| 4 | $22,799 | $2,702 | $1,294 | $20,097 |
| 5 | $20,097 | $2,869 | $1,128 | $17,228 |
| 6 | $17,228 | $3,046 | $951 | $14,182 |
| 7 | $14,182 | $3,234 | $763 | $10,948 |
| 8 | $10,948 | $3,433 | $563 | $7,515 |
| 9 | $7,515 | $3,645 | $352 | $3,870 |
| 10 | $3,870 | $3,870 | $127 | $0 |
Monthly payments are calculated using the standard amortization formula: the required payment that fully retires the loan over the chosen term at a fixed interest rate. Adding a monthly prepayment reduces your balance faster, shortening the effective loan term and cutting total interest paid.
The amortization schedule shows yearly rollups: how much of your payments went to principal vs. interest each year, and your remaining balance. All figures assume a fixed interest rate for the life of the loan.