Free Student Loan Interest Calculator
Calculate the total interest you will pay over the life of your student loan and see how interest accumulates over time.
Total Interest Paid
$9,967.38
First Month Interest$150.00
Interest as % of Principal33.2
Total Interest Paid vs Loan Term (years)
How Student Loan Interest Works
Interest accrues daily on your outstanding balance.
Total Interest Formula
Total Interest = (Monthly Payment x Number of Payments) - Principal
Daily Interest
Daily Interest = Balance x (Annual Rate / 365)
Early payments are mostly interest; later payments are mostly principal.
Example Calculation
A $30,000 loan at 6% interest over 10 years.
- 01Monthly rate = 6% / 12 = 0.5%
- 02Monthly payment = $333.06
- 03Total paid = $333.06 x 120 = $39,967
- 04Total interest = $39,967 - $30,000 = $9,967
- 05Interest as % of principal = ($9,967 / $30,000) x 100 = 33.2%