Finsanta financial tool
Student loan amortization calculator
Estimate a fixed-rate student loan payment and see how each payment changes principal, interest, and balance.
Monthly payment
$347.28
Total interest
$9,674.09
Schedule length
120 months
Amortization schedule
The first 12 payments and final payment are shown.
| Payment | Total | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $347.28 | $200.62 | $146.67 | $31,799.38 |
| 2 | $347.28 | $201.54 | $145.75 | $31,597.85 |
| 3 | $347.28 | $202.46 | $144.82 | $31,395.39 |
| 4 | $347.28 | $203.39 | $143.90 | $31,192.00 |
| 5 | $347.28 | $204.32 | $142.96 | $30,987.68 |
| 6 | $347.28 | $205.26 | $142.03 | $30,782.42 |
| 7 | $347.28 | $206.20 | $141.09 | $30,576.22 |
| 8 | $347.28 | $207.14 | $140.14 | $30,369.08 |
| 9 | $347.28 | $208.09 | $139.19 | $30,160.98 |
| 10 | $347.28 | $209.05 | $138.24 | $29,951.94 |
| 11 | $347.28 | $210.00 | $137.28 | $29,741.93 |
| 12 | $347.28 | $210.97 | $136.32 | $29,530.97 |
Understand the cost of repayment
Student loan balances can feel abstract until you see the payment pattern. Use this schedule as a planning estimate, then compare it with your servicer's balance, repayment plan, and any forgiveness or income-based options you may qualify for.
See the schedule
Understand the first year and final payment.
Test extra payments
Model a recurring amount toward principal.
Check your plan
Servicer rules may differ from a simple fixed-rate loan.
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Frequently asked questions
How does student loan amortization work?
Each payment covers accrued interest first, then reduces principal. As the balance declines, the interest portion generally declines too.
Can I use this for federal student loans?
Use it for a fixed-rate estimate, but federal repayment plans, capitalization, forgiveness, income-driven payments, and servicer rules can produce different results.
Do extra student loan payments help?
They can reduce principal and future interest when applied correctly. Check your servicer's instructions and keep records of how extra payments are allocated.