Monthly Payment Calculator
Use this calculator to estimate your monthly loan
payment and see a breakdown of your payments
over the life of the loan.
Below is a summary of your repayment schedule for the loan you have selected.
The schedules calculated here are estimates only.
Monthly Payment Schedule for Life of Loan
|Month||Principal Payment||Interest Payment||Total Payment||Ending Balance|
IMPORTANT FACTS: This repayment calculator provides estimates intended for use only as a planning guide. The total monthly payment is based on a standard repayment plan. It assumes no fees and no payments applied toward principal or interest while in school or during a typical six month grace period. It also assumes that the date on which the loan was taken and that of graduation occur on the first day of the month. While we do not guarantee the calculator's accuracy or applicability to your circumstance, we encourage you to consult a qualified professional for assistance in analyzing your overall financial situation.
This is your estimated monthly payment which includes principal and accrued (accumulated) interest. Student loans typically have a required minimum monthly payment of $50.00. If the estimated monthly payment is less than the minimum, your estimate will reflect $50.00 and your repayment term may be shortened.
The amount of time the borrower is scheduled to repay the principal balance and interest on a loan. The following repayment terms represent the maximum time period typically allowed to pay off a student loan. You can always pay more than the minimum amount due to reduce your balance and interest cost, and ultimately pay off your loan earlier with no penalties. Terms vary among lenders.
|Loan Type||Typical Repayment Terms|
|Private||15 to 20 years|