SmartAsset Student Loan Calculator

Estimate your monthly student loan payments based on your loan amount, interest rate, and loan term. Get insights into your loan repayment plan.

Calculate Your Monthly Student Loan Payment

What is a Student Loan?

A student loan is a type of loan that helps students pay for their education-related expenses. It typically has lower interest rates and a longer repayment period than other types of loans. Student loans can be either federal or private, with federal loans often having more favorable repayment terms.

How to Calculate Monthly Payments?

The monthly payment for a student loan can be calculated using the following amortization formula:

Monthly Payment = Loan Amount × (Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate) ^ -Total Payments)

Why Student Loan Calculators Are Useful?

Helps Plan Finances: Estimate how much you will pay each month to better plan your budget.
Understand Loan Terms: Know how different loan amounts and interest rates impact your payments.
Compare Loan Options: Use the calculator to compare different student loan offers and repayment options.

Example Calculation

Assume the following details for a student loan:

Loan Amount: ₹500,000
Annual Interest Rate: 5%
Loan Term: 10 years

Results:

Monthly Payment: ₹5,303.28