Student Loan Calculator
Calculate your monthly student loan payment, including interest accrued during a grace period.
Assumptions used in this calculation
- Fixed-rate amortizing loan: Assumes a fixed interest rate for the full repayment term, income-driven repayment plans aren't modeled.
About this calculator
Student loans have a quirk that catches many borrowers off guard: interest often keeps accruing during the grace period after graduation, and if it isn't paid during that window, it gets capitalized, added onto the principal, so your actual repayment balance can be noticeably higher than the amount you originally borrowed by the time repayment starts. This calculator accounts for that: it accrues interest on the loan amount over your specified grace or deferment period, capitalizes it onto the principal, then amortizes the resulting larger balance over your chosen repayment term at the given interest rate, reporting your monthly payment, the capitalized starting balance, total interest, and total repayment. That gives a realistic monthly payment figure grounded in the balance you'll actually start repaying, rather than one calculated off the original loan amount, which would understate both the payment and total cost.
Worked example
$30,000 loan, 6% rate, 10-year term, 6-month grace period
Result: Monthly payment ≈ $335
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