Your Loan Details
Enter the loan amount, its interest rate, and the repayment term.
$
%
yrs
$
Your Monthly Payment
$0
per month for 10 years
Total You Repay
$0
Total Interest
$0
Understanding Your Loan
Interest adds up. On a 10-year loan, you can pay thousands in interest on top of what you borrowed. The higher the rate and the longer the term, the more interest you pay overall.
A longer term = lower monthly payment but MORE total interest. Stretching a loan to 20 or 25 years shrinks the monthly bill but can dramatically increase what you pay in the end. Shorter terms cost more per month but far less overall.
Extra payments are powerful. Even a small extra amount each month goes straight to principal — cutting both your payoff time and your total interest. Try raising the "extra payment" above to see the effect.
Borrow only what you need. The best way to lower your future payments is to borrow less now. Exhaust free money (grants & scholarships) first — see our Net Price and Award Letter tools.
Estimates a standard fixed-rate, fixed-term loan. Actual federal loans have fixed rates set yearly and offer income-driven repayment plans that work differently. See the K12 Academics Paying for College toolkit and studentaid.gov.