Loan Payment Calculator – Finaid
This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (The loan calculator can be used to calculate student loan payments, auto loans or to calculate your mortgage payments.) Credible also offers a calculator tool to help estimate the costs of a student loan.
Calculating Interest
This loan calculator assumes that the interest rate remains constant throughout the life of the loan. Currently the 2020-2021 Undergraduate Federal Stafford Loan has a fixed interest rate of 2.75% (a record low) and the Federal PLUS loan has a fixed rate of 5.3%. (Perkins loans have a fixed interest rate of 5%.). The calculator can also be used for auto loans and mortgages.
Calculating Monthly Payments
The calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.
Educational Loan Minimum Monthly Payments
Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment.
Loan Fees
Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.
Loan Payment Calculator
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Comparing Loans
Need to compare several loans? Get the benefit of comparing loans (monthly payments, interests rates, loan terms, fitting your budget and what is best for you) when you use our Loan Comparison Calculator. Compare up to four loans at one time: Loan Comparison Calculator.
NEXT STEPS:
- Search for scholarships at Fastweb.
- Consider education loans to help fill the gap. Remember to borrow federal first, as federal loans are cheaper, more available, and have better repayment terms.
- Learn more about the Free Application for Federal Student Aid, also known as FAFSA.
- Don’t overlook the education tax benefits such as the Hope Scholarship tax credit.