If you're thinking of obtaining a student loan to help finance your time at college, it's important to understand the cost of the financing. Monthly payments on your student loan can add up quickly — you need to make sure that you can afford what you owe. Many students make the mistake of agreeing to large loans without understanding the repayment amounts.

Table of Contents

## Overview

Below, we'll take a look at some student loan repayment calculators that can help you gain a better understanding of the repayments that you owe. There are various calculators on the internet that provide a clearer picture of the typical repayment amounts attached to your loan. Some of these calculators are much better than others — we'll review each one to determine which is best for you.

Make sure to consider the various components of each calculator and how they may relate to your particular loan.

## Navient Student Loan Repayment Calculator

While this isn't only for students, it's a solid loan repayment calculator that works well for student loans. With this calculator, you input the loan balance, interest rate, years remaining on the loan, and your current salary.

Unlike many of the calculators on this list, the Navient calculator will then show you a visual representation of your loan to principal ratio. This can help you analyze the value of the loan and the amount that you have to repay in interest. It also provides information on monthly repayments, total payments, and interest payments.

With the Navient calculator, you're able to increase your monthly payments to see how it would impact your ability to pay back the loan. This is a solid feature that can help you analyze the benefits of increasing your monthly payment.

While the input list on this loan doesn't include set fees or origination fees, it's still a solid calculator. There is a range of great benefits associated with this calculator.

## Fin Aid

This is a basic student loan calculator that provides users with a firm understanding of their repayment obligations. There are various components factored into this calculator, including loan balance, interest rate, loan fees, loan term, minimum payments, employment status, degree program, and total years in college.

This calculator works under the assumption that you're paying your loan payments on a monthly basis. In addition, the calculator also only works for loans that have a fixed interest rate. The calculator doesn't offer you the option to change the interest rate on the loan throughout the loan's term.

As you can see, the calculator is quite extensive if you want to paint a general picture of your loan obligations. It's good that the calculator also includes a ‘loan fees' section so that you can add on extra costs that are often associated with modern student loans. This being said, the fact that the ‘loan fees' portion of the calculator is quantified at a percentage rate means that you won't be able to incorporate fixed or one-time costs into the calculations.

Fin Aid claims that this calculator works for both federal and private student loan repayment calculations. Keep in mind that you don't need to fill in the part about employment status or degree if you don't find it applicable.

## Student Loan Hero

If you're looking for a quick and simple repayment calculator that only takes a few seconds to use, Student Loan Hero offers a simple calculator tool. Unfortunately, this is not the calculator that you should be looking for if you have a lot of information about your loan and its details.

With Student Loan Hero's calculator, you can input the student loan balance, average interest rate, and loan term. As you can see, there aren't not many components to this calculator. You won't be able to input fees or other adjustments. It's best for people who want to get a ballpark estimate of a basic loan. You can nominate the term in one way and you won't have the ability to adjust variable interest rates or enter fees.

If you're looking for a true understanding of the exact costs of student loan repayments, it's best to work with a calculator that has more to offer!

## Bank Rate Calculator

Bank Rate offers a popular student loan repayment calculator that can help you quickly assess student loan repayments and obligation. Again, this is a fairly basic calculator that doesn't offer a lot of input options — though it is more extensive than some of the other calculators in this article.

With the bank rate calculator, you can input loan amount, loan term, and loan interest rate. You can choose between putting yearly or monthly terms, which is a nice feature if you have a loan that doesn't have an exact year amount left on its term.

While the inputs of the Bank Rate calculator are quite basic, there are definitely some features to enjoy in this product. The best part is the breakdown that the calculator provides to users. Not only will it tell you your monthly repayment amount, it will also tell you the total principal you pay, and the amount of interest that you'll pay over the life of the loan. This is a great feature if you're looking to understand the true cost of a loan.

Also, this calculator lets you compare multiple loans if you're trying to decide between different lenders. Again, this is another great feature that you won't find in all calculators.

## Sallie Mae Calculator

As one of the largest providers of student loans in the United States, it makes sense that Sallie Mae has a student loan calculator available on its website. The calculator itself is quite basic. You input your loan amount, interest rate, and the number of years you have to repay the loan. There's no space to input fees or other fixed costs.

Also, you won't find any information about the overall loan or interest payable. The only other standout feature of this calculator is the additional resources on the Salle Mae website. If you're looking for a ton of information on how to fund college, there are some excellent resources on the Sallie Mae website.

## Credible

Credible offers a solid student loan repayment calculator that provides you with a good snapshot of your loan in just a few seconds. You input loan balance, interest rate, and loan term. It will then instantly calculate all the information you need to paint a basic picture of your loan obligations.

One of the best parts about this calculator is the fact that it offers you graphic representation of your loan repayments — it will show your loan balance and interest payments over the full term of your loan. It also provides you with information on your total payments, interest payments, and monthly payments. It's a great way to get a deeper understanding of your loan and its obligations.

Lastly, you can also choose to input an increase in your monthly payment. This will help you visualize your loan repayments, interest obligations, and repayment timeline if you adjust the amount that you're paying. This is a tool you don't find in many other calculators.

If you're looking for a quick calculator that provides awesome graphics, this is certainly one of the best student loan repayment calculators on the internet. While there aren't a lot of input options, there's still plenty to like about this calculator.

## Mapping Your Future Student Loan Repayment Calculator

Mapping Your Future offers a very simple student loan repayment calculator that requires you to input loan balance, interest rate, and term. Fortunately, the calculator gives you a full breakdown of your loan — not just the monthly payment you'll owe. It also tells you the overall amount you'll pay back, and the amount of interest that you'll need to pay.

This is a simple, quick calculator that should only be used for ballpark estimates. If you want something more extensive, you'll need to look at some of the other calculators reviewed in this article!

## Verdict: Choose the Calculator That Suits Your Needs

With so many calculators to choose from, you're spoiled for choice. It's important to look at the components that differentiate all the calculators mentioned on this list. It's also essential to consider the amount of information that you have to input into the calculator. If you're only at the starting stage of the financing process, you may not have the necessary information to take advantage of the more robust calculators that we've reviewed.

Also, feel free to use various calculators at the same time. This can give you a more representative understanding of the cost of student loan repayments. Ensuring you're able to afford your student loan repayments is critical — these calculators are the perfect way to make sure a loan is financially viable.

As always, it's also important to check with your lender to determine if there are any additional costs or fees. Don't agree to any financing until you have a full picture of the potential costs that you may incur.

## FAQ

### General Questions about Calculating Student Loans

We’ll answer your general questions about calculating student loans in this section.

**How to calculate minimum payment on student loan?**

You calculate the minimum payment on a student loan the same way you would any other kind of loan. The only difference is that you may need to capitalize interest accrued during deferral to get an accurate balance.

**How to calculate student loan payoff date?**

You can calculate your student loan payoff date by dividing your overall balance by your monthly payment. That will tell you how many months until your loan is paid off. You can divide the answer by 12 to get years.

**How to calculate monthly payment on student loan?**

Student loan monthly payments are calculated just as with any other loan. You add interest accrued over the month to your balance divided by the number of months your loan term is for. Learn more about how to refinance student loans and get a lower payment.

**How to calculate student loan debt?**

The best way to calculate student loan debt is to find the balance of all of your student loans and add them together.

**How do banks calculate student loan balance and repayment amount?**

Banks use a standard amortization schedule to calculate your balance and repayment amount. That’s your balance plus interest minus the expected payments.

**How to calculate household income for student loan?**

That depends on your particular situation. You should talk to a student loan officer at your school for help calculating your specific household income.

### Calculating Student Loan Repayments

This section covers the most popular questions people have about calculating student loan repayment schedules.

**How to calculate student loan payments?**

Student loan payments can be calculated by combing the balance payment and the interest payment to produce the overall monthly payment.

**How to calculate income-based student loan repayment?**

Income-based student loan repayment is calculated as 10% or 15% of your discretionary income, which is your income minus 150% of the poverty level for your demographic and geographic situation.

**How to calculate student loan payoff?**

It can be hard to calculate your student loan payoff yourself, as interest rates are constantly changing. Your loan servicer will provide you with a 10-day payoff quote.

**How to calculate student loan payments in excel?**

You can calculate student loan payments in excel by using the PPMT function to calculate principal and the IPMT to calculate interest. You can then drag these formulas to create an amortization schedule.

**How do I calculate how much of my student loan payment goes to interest?**

Your student loan servicer must provide the amount of interest paid in a month on your statement. You can also take your APR and divide it by 365. This will give you your daily interest rate. Multiply that number by your balance to see how much you pay in interest each day. Multiply this number by 30 to see how much you pay in interest each month.

**What is the percentage used to calculate student loan repayments?**

The percentage used to calculate student loan repayments is the interest rate. That’s the amount of money you pay for getting the loan. It is usually expressed in APR, which is the yearly rate you’ll pay.

**How do you calculate student loan repayments?**

Student loan repayments are calculated based on the term of the loan and the interest rate. You can use an online student loan repayment calculator to see what your payment will be.

**How do you calculate student loan payments fully amortizing?**

You can calculate fully amortized student loan payments by capitalizing your interest accrued during deferral and then using the standard payment schedule calculation method to produce an amortization table.

**How is the minimum payment calculated for student loan?**

The minimum payment for student loans can be calculated differently depending on your repayment plan. You’ll need to talk to your student loan servicer to get more information on your situation.

**How to calculate deferred student loan payments?**

You can calculate deferred student loan payments by finding the amount of interest that will accumulate during deferral. Capitalize that interest to your balance and proceed to find the payment as normal.

**How to calculate student loan repayments self-employed?**

If you’re self-employed, then your income can change a lot. The best option to calculate self-employed student loan repayments is to take the average of your last three months of income and use that for your base income to determine your payment.

**How to calculate student loan repayments with different interest rates?**

The best way to calculate student loan repayments with different interest rates is to find the monthly payment for each loan and then add them together.

### Calculating Student Loan Interest

We’ll answer some of the most common questions people have about calculating student loan interest in this section.

**How to calculate student loan interest? **

The best way to calculate your student loan interest is to take the APR from your student loan and divide it by 365. Then, take that number and multiple it by your balance. This will tell you how much interest you pay in a day. From there you can determine your monthly and yearly interest rates.

**How to calculate accrued interest on student loan?**

The best way to find the interest accrued on a student loan is to take your daily interest rate and then multiply it by the number of days since your last payment. Then, multiple that by your loan balance.

**How to calculate interest paid on a student loan?**

You can calculate interest paid on a student loan by taking the total payment and multiplying it by your interest rate. That will tell you how much you paid in interest for the month.

**How to calculate student loan interest for taxes?**

You don’t need to calculate student loan interest for taxes – you just need to take the 1099-T form given by your student loan servicer and enter the interest paid information from the form.

**How to calculate APR on student loan?**

You can calculate the APR on your student loans by taking your yearly interest paid and dividing it by the total amount you paid. That will tell you what percentage of your payment goes to interest.

**How to calculate daily interest on a student loan?**

The best way to calculate daily interest on a student loan is to get your interest paid figure from your monthly statement. Divide that amount by 30 to get your daily student loan interest.

**How can you calculate interest rate on unsubsidized student loan?**

Interest rates are set by the government on federal subsidized and unsubsidized loans. For the 2018-2019 school year the rate for unsubsidized graduate loans was 6.60%

**How to calculate capitalized interest on student loan?**

The best way to calculate capitalized interest on a student loan is to take your interest rate and multiply your interest payment by the number of months your loan is deferred. This will tell you how much interest will be capitalized into your balance.

**How to calculate daily interest for a student loan calculator?**

The best way to calculate daily interest on student loans is to take the total interest you pay each month and divide that by 30. This will tell you how much you pay in interest each day.

**How to calculate student loan interest for health insurance?**

You can add up the total interest paid to student loans using the totals you get on your 1099-T forms from your student loan servicers.

**How does deferment affect student loan interest calculations?**

That depends on the nature of your deferment and your loan agreement. Some loans don’t accumulate interest until you’re out of deferment, others start accumulating interest right away. You’ll need to check your loan agreement for more information.

### Companies and Calculating Student Loans

This section covers questions about how different companies and organizations calculate student loans.

**How does FHA calculate student loan payments?**

FHA doesn’t allow student loans in deferment to be excluded from your debt to income ratio when you’re applying for an FHA loan.

**How to calculate student loan payment for FHA guidelines?**

To calculate your student loan payment for FHA guidelines you need to be paying at least 1% of your total balance each month.

**How does Fannie Mae calculate student loan payments?**

That depends on your specific type of loan. Most loans have deferred interest that only starts when you graduate. In this case, payments are calculated like a regular loan. Otherwise, accumulated interest is added to your payments.

**How does fed student loan repayment programs calculate discretionary income?**

Discretionary income is the difference between your utility, rent, and car bills and the overall amount of money you make each month.

**How does Freddie Mac calculate student loan payments?**

Freddie Mac calculates student loan payments differently depending on what kind of loan it is. You’ll need more information to get the answer to your question.

**How does Wells Fargo calculate student loan interest?**

Wells Fargo can calculate student loan interest a few different ways depending on the specific type of loan you have. You’ll need to talk to them for more information about your case.

**Do different lenders calculate student loans differently?**

Not in most cases – the only difference is whether interest on a loan is deferred or if it’s capitalized into your balance once your deferral period is over.

**How does Bank of America calculate student loan repayments?**

BoA calculates student loan repayments by creating an amortization schedule. This shows how much you need to pay each month to pay off your loan before your term is up while also keeping up with interest payments.

### Calculating Student Loan Consolidation

We’ll answer your questions about student loan consolidation calculations in this section.

**How to calculate if consolidating private student loan saves money?**

The best way to calculate if consolidating private student loans will save you money is to compare your monthly payments for each option. This will tell you which option is cheaper each month. You can then multiply that amount by the time it will take you to pay off the loan in months to see which will cost more overall.

**How to calculate student loan consolidation?**

The best way to calculate student loan consolidation is to take the average of your interest rates. This will give you a good starting point to determine if your consolidation loan offer is a good deal.

**Are student loan consolidation calculators helpful?**

They sure are – a student loan consolidation calculator makes it easy to compare what you’re paying each month and how much you’ll pay overall between your current loan payments and a consolidated student loan payment.

### Other Calculating Student Loans Questions

This section contains student loan calculation questions that don’t fit into our other categories. If you can’t find your question elsewhere, then this is the place to look.

**How to calculate student loan interest deduction?**

That depends on what you’re deducting your interest from. You should use your form 1099-T that you received from your student loan servicer to get the raw data you need.

**How do I calculate student loan limit?**

The best way to calculate your student loan limit is to determine how much money you’ll be making after school. This will allow you to set a budget so you know how much you can afford to pay each month. This figure will tell you how much you can borrow.

**How to calculate income ratio MN student loan?**

Calculating your income ratio for MN student loans can be tricky. You can find all the information you need by following this link to the state’s explanation of the program.

**How to calculate payment for public student loan forgiveness?**

When you’re going for public student loan forgiveness you need to make your regular payment as outlined on your original payment schedule.

**How to calculate potential student loan payments?**

The best way to calculate potential student loan payments is to set a budget. That will tell you how much money you have to potentially put towards student loans.

**How to calculate student loan default rates?**

You can calculate student loan default rates by taking the total number of people in default and dividing it by the number of people that have student loans.

**How to calculate student loan fees?**

Student loan fees can change on a case-by-case basis depending on your particular situation. You should contact your student loan servicer for more options.

**How to calculate student loan payments rideshare income?**

The best way to calculate student loan payments from rideshare income is to take the average you get per fare and divide your total student loan payment by that number. This will tell you about how many fares you need to carry to make your payments.

**How to calculate to get maximize student loan interest deduction?**

There’s no one best way to ensure you get the maximum student loan interest deduction, as taxes are very specific to a single person. A certified tax prep specialist can help you ensure you get the best return.

**How to calculate VA student loan payments off credit report?**

The VA has a helpful guide to help you calculate student loan payments through their programs. You can find the guide by clicking this link.

**What are some other ways to get out of student debt?**

You could earn some money with a side gig or sell some things. In fact we talk about the best way to sell textbooks after your finished with them.