Student Loan Repayment Calculator
Estimate fixed repayments on a student loan paid back over a set term. Enter the balance, interest rate and years to see monthly cost and total…
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Estimate fixed repayments on a student loan paid back over a set term. Enter the balance, interest rate and years to see monthly cost and total interest.
General information only, not financial advice. Results are estimates; fees, tax and future rate changes may affect outcomes.
Worked example
Example calculated from the starting values. Enter your own values and press Calculate to get your result.
With the default inputs (loan amount = $30,000, interest rate = 5 % per year, loan term = 10 years), the results are: monthly repayment $318.20; total repaid $38,183.59; total interest $8,183.59.
Repayment schedule for $30,000.00 at 5% over 10 years
Reference table based on the example values; it is not your calculation result.
| Year | Interest paid | Principal paid | Balance remaining |
|---|---|---|---|
| 1 | $1,446.13 | $2,372.23 | $27,627.77 |
| 2 | $1,324.76 | $2,493.60 | $25,134.17 |
| 3 | $1,197.18 | $2,621.18 | $22,512.99 |
| 4 | $1,063.08 | $2,755.28 | $19,757.71 |
| 5 | $922.11 | $2,896.25 | $16,861.46 |
| 6 | $773.93 | $3,044.43 | $13,817.03 |
| 7 | $618.17 | $3,200.18 | $10,616.85 |
| 8 | $454.45 | $3,363.91 | $7,252.94 |
| 9 | $282.34 | $3,536.02 | $3,716.92 |
| 10 | $101.43 | $3,716.92 | $0.00 |
Frequently asked questions
How is the monthly repayment calculated?
It uses the standard amortisation formula: repayment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments.
What would a $30,000.00 student loan cost at 5%?
Over 10 years the repayment is about $318.20 a month, with $8,183.59 paid in interest.
Does this include fees?
No. It covers principal and interest only. Establishment fees, insurance and rate changes are not included.
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