Education Loan Calculator
Calculate your monthly education/student loan payment and total interest cost.
How This Works
This uses the standard amortizing-loan formula, where every payment is equal and gradually shifts from mostly interest (early on) to mostly principal (later), paying the loan off exactly at the end of the term.
Formula
where P = principal, r = monthly rate, n = number of monthly payments
Example
A $200,000 loan at 6.5% for 30 years costs $1,264.14 per month, or $455,088.98 in total — $255,088.98 of which is interest.
Frequently Asked Questions
What is the monthly payment on a $200,000 loan at 6.5% for 30 years?
The monthly payment is $1,264.14.
How much total interest will be paid?
$255,088.98 over the life of the loan, for a total repayment of $455,088.98.
Does this include taxes, insurance, or fees?
No — this calculates principal and interest only. Mortgages in particular often include additional escrow costs like property tax and insurance.