Compare standard and extended repayment of a student loan.
Please do not make financial decisions based on these results.
What is the Student Loan Repayment Calculator?
Compare standard and extended repayment of a student loan. To use the Student Loan Repayment Calculator, enter balance, rate, standard term, extended term; it returns standard payment, extended payment, extra interest on extended term, and shows them instantly as you type.
Choosing the right loan
Compare the total cost, not only the payment. The debt consolidation calculator tests whether one new loan beats several old ones, and the student loan calculator and personal loan calculator cover those specific products.
Paying debt down
Extra payments shorten a loan and cut interest. Use the repayment calculator for one loan and the debt payoff calculator when you owe several. Credit cards are a special case; see the credit card payoff calculator.
How to use the Student Loan Repayment Calculator
- Enter your numbers. The inputs are Balance ($), Rate (%), Standard term (years), Extended term (years). Take the rate and term from your loan offer. Fees and the rate type change the result. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Standard payment, and the cards below show Extended payment, Extra interest on extended term. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Student Loan Repayment Calculator using the default values shown in the calculator above:
Inputs
| Balance ($) | 40,000 |
|---|---|
| Rate (%) | 6.8 |
| Standard term (years) | 10 |
| Extended term (years) | 25 |
Results
| Standard payment | $460.32 |
|---|---|
| Extended payment | $277.63 |
| Extra interest on extended term | $28,050.09 |
With these inputs the calculator returns Standard payment: $460.32. Change any value in the calculator to see how the result moves.
What if you change one input?
Sensitivity check: raising Balance ($) from 40,000 to 48,000 (about 20% higher) and leaving everything else as in the example above changes the results like this:
| Result | Example | After the change | Change |
|---|---|---|---|
| Standard payment | $460.32 | $552.39 | +20% |
| Extended payment | $277.63 | $333.15 | +20% |
| Extra interest on extended term | $28,050.09 | $33,660.11 | +20% |
The input that moves the result most is the one to check twice. Change it in the calculator above to test your own case.
What the results tell you
The results panel of the Student Loan Repayment Calculator reports Standard payment, extended payment and extra interest on extended term. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. Your lender’s offer is the final word: fees, rate type and rounding differ between lenders. It is for information, not financial, tax or legal advice.
Frequently asked questions
Is a longer term better?
It lowers the payment but raises total interest.
How can I pay off a loan faster?
Pay more than the required amount, add extra yearly or one-time payments, or switch to biweekly payments. Make sure extra payments go to principal.
What is APR and why does it matter?
APR is the yearly cost of a loan including fees. Use it, rather than the interest rate alone, to compare offers.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
Related loans & debt calculators
- Student Loan Calculator
- Student Loan Forgiveness Calculator
- Loan Repayment Calculator
- Loan & EMI Calculator
- Repayment Calculator
- Personal Loan Calculator
- Business Loan Calculator
- Boat Loan Calculator
- Partially Amortized Loan Calculator
- Deferred Payment Loan Calculator
- Early Loan Payoff Calculator
- Home Improvement Loan Calculator
All Loans & Debt calculators →