Simple Student Loan Calculator - Calculate Loan Balance, Monthly Payments, Payment Length, and Total Payments
Simple Student Loan Calculator
Instructions: Enter any 3 parameters and leave 1 parameter empty (or set to 0) to calculate the missing value.
Year Month
Loan Payment Summary & Financial Overview
Loan Balance
Total Payments
Total Interest
InterestRate
Payment Every Period
Payment Length
Detailed Payment Schedule & Amortization Tables
| Month | Principal | Interest | Ending Balance |
|---|
| Year | Principal | Interest | Ending Balance |
|---|
Payment Composition Analysis
Loan Balance & Payment Trends
How to Use This Calculator
Step-by-Step Instructions:
- Enter Known Values: Input any three of the four main parameters (loan amount, interest rate, payment amount, or loan term)
- Leave One Field Empty: Set the unknown parameter to zero or leave it blank
- Select Frequencies: Choose your compounding frequency (how often interest compounds) and payment frequency
- Calculate: Click "Calculate Loan" to see your results
- Review Results: Examine the payment summary, charts, and detailed amortization schedule
Advanced Features:
- Multiple Compounding Options: Daily, monthly, quarterly, or continuous compounding
- Flexible Payment Frequencies: Weekly, bi-weekly, monthly, or annual payments
- Visual Analysis: Interactive charts showing payment composition and loan balance trends
- Export Options: Download detailed amortization schedules as CSV files
Understanding Your Results
Key Metrics Explained:
- Payment Every Period: The fixed amount you'll pay each payment period
- Total Payments: The sum of all payments over the life of the loan
- Total Interest: The total cost of borrowing (Total Payments - Loan Amount)
- Payment Length: How long it will take to fully repay the loan
Amortization Schedule:
The detailed payment schedule shows how each payment is split between principal (reducing your debt) and interest (cost of borrowing). Early payments contain more interest, while later payments contain more principal.
Mathematical Formulas Used
This calculator uses the following formulas for accurate loan calculations:
1. Monthly Payment Formula (Standard Amortization)
PMT = PV × [r(1 + r)^n] / [(1 + r)^n - 1]
Where: PMT = Payment, PV = Present Value (Loan Amount), r = Period Interest Rate, n = Number of Payments
2. Effective Interest Rate Conversion
Effective Rate = (1 + nominal_rate/compounding_freq)^compounding_freq - 1
3. Continuous Compounding
Effective Rate = e^(nominal_rate) - 1
4. Period Interest Rate
Period Rate = (1 + effective_annual_rate)^(1/payment_frequency) - 1
5. Interest Payment per Period
Interest Payment = Outstanding Balance × Period Interest Rate
6. Principal Payment per Period
Principal Payment = Total Payment - Interest Payment
Federal Student Loan Resources
Official Government Resources:
- Federal Student Aid (studentaid.gov) - Official U.S. Department of Education student aid website
- Federal Repayment Plans - Information on income-driven and standard repayment options
- Loan Forgiveness Programs - Details on Public Service Loan Forgiveness and other programs
- Consumer Financial Protection Bureau - Student loan guidance and protection information
- IRS Education Tax Benefits - Tax deductions and credits for education expenses
Related
Write Reply