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The calculation below is useful for budgeting and comparing terms. It is not a promise of the bill you will receive. Interest accrues according to the loan contract and calendar days, and federal calculators use assumptions that may differ from your current account.
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What you need before calculating
Collect the figures for the specific loan or group of loans you want to estimate. The most useful starting point is the current principal or payoff balance, not the original amount borrowed. Your account may show accrued interest separately; determine whether your estimate should include that amount.
- Balance: the principal currently owed, or the payoff balance if you are intentionally modeling a payoff amount.
- Annual interest rate: use the rate assigned to that loan. If you have several loans with different rates, calculate each one separately unless a tool supports multiple loans.
- Repayment term: the number of monthly payments remaining or the term you are considering.
- Plan and eligibility details: federal plan comparisons may require loan type, disbursement information, income, family size, filing status and state.
MOHELA’s Loan Repayment Calculator asks for the balance, annual rate and number of monthly payments for a basic estimate. A federal plan comparison uses the Federal Student Aid calculator described in its repayment-plan calculator guidance.
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The fixed-payment formula
For a fixed-rate, fixed-payment amortizing loan, calculate the monthly payment as:
Payment = P × r ÷ (1 − (1 + r)−n)
- P is the principal balance.
- r is the monthly interest rate, found by dividing the annual rate expressed as a decimal by 12.
- n is the total number of monthly payments.
Convert a percentage before using it. A 6% annual rate becomes 0.06, then 0.06 ÷ 12 = 0.005 per month. Entering 6 instead of 0.06 would make the estimate meaningless.
Worked example: $10,000 at 6% for 10 years
Suppose the balance is $10,000, the annual rate is 6% and the term is 120 monthly payments.
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- Convert 6% to 0.06 and divide by 12, giving r = 0.005.
- Set n = 120.
- Apply the formula: 10,000 × 0.005 ÷ (1 − 1.005−120).
The estimated payment is about $111.02 per month. If that payment stayed constant for all 120 installments, the arithmetic total would be about $13,322.40, including roughly $3,322.40 in interest. This is an illustration, not a quoted lender figure. Actual results can differ when interest has accrued or capitalized, fees apply, the payment schedule is not fixed or the account uses different timing rules.
How to calculate it yourself
- Read the account statement. Record the current principal, the applicable rate and the number of payments left. Do not substitute the original disbursement amount for today’s balance.
- Separate loans with different rates. Apply the formula to each loan, then add the resulting payments. A single blended rate can conceal the cost of a high-rate loan.
- Convert the rate. Divide the annual percentage, written as a decimal, by 12. For example, 5.5% becomes 0.055, and 0.055 ÷ 12 equals 0.0045833.
- Choose the term. Use the remaining number of payments for a forecast of your current plan. For a what-if comparison, model the proposed term instead.
- Calculate and round only at the end. Keep several decimal places during the calculation and round the final payment to cents.
- Check total cost. Multiply the unrounded payment by the number of payments to estimate the total scheduled amount, then subtract the principal to estimate interest. This simple total assumes a constant payment and does not include fees or changes in balance.
A spreadsheet can perform the same calculation with the payment function. In many spreadsheet programs, use =PMT(annual_rate/12, number_of_payments, -principal). The negative principal makes the displayed payment positive. Confirm the result against a calculator before relying on it for a budget.
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When the basic formula is the right tool
The amortization formula is appropriate when the rate is fixed, payments are scheduled at regular monthly intervals and the balance is repaid over a defined term. It gives a transparent way to test questions such as whether a shorter term fits your budget or how much a higher rate changes the payment.
It is not a complete model for every federal account. A loan can have accrued interest, capitalized interest, fees, deferment or forbearance history, a payment schedule that does not match your assumption, or a plan whose payment is tied to income rather than to a fixed amortization schedule. In those cases, use the formula as a rough baseline only.
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If you want to compare eligible federal plans rather than model a simple fixed payment, use the Federal Student Aid calculator. Its official guidance explains that the tool can compare estimated monthly payments, total paid, payoff date and estimated forgiveness where applicable.
Information the federal calculator may use
- Federal loan type and eligibility information, including details that can affect which plans are available.
- Current balance and interest information.
- Income and household information, including family size.
- Tax-filing status and state.
- Details relevant to an income-driven repayment application or forgiveness projection.
The calculator’s result is a planning estimate, not a guaranteed bill. Federal Student Aid says its tool cannot predict future payments with 100% accuracy and relies on assumptions. Results can differ when an income-driven application was submitted recently, when your prior Public Service Loan Forgiveness progress is different from the information used, or when an autopay interest reduction applies.
Income-driven estimates
For an income-driven estimate, the payment is not determined by balance, rate and term alone. Household and income details can change the amount, and eligibility depends on the loans and plan rules. Federal Student Aid’s income-driven repayment FAQ explains why borrower circumstances and loan eligibility matter. Enter current information, note the date it was provided and treat any projected forgiveness or payoff date as conditional.
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Where to review plan descriptions
For a list of repayment-plan options and servicing information, consult MOHELA’s Repayment Options page and the federal calculator. The page you use should match the loans you actually hold; a plan shown in a general comparison may not be available for your account.
The Tool Desk
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A lower monthly amount is not automatically the cheaper or safer choice. Put each scenario on the same footing and compare the following items.
| Comparison | What to record | Why it matters |
|---|---|---|
| Monthly payment | The amount due under the specific plan and assumptions | Shows the immediate budget requirement |
| Total paid and interest | Projected payments over the life of the plan and the interest portion | A lower monthly bill can cost more overall |
| Repayment period | Number of payments and projected payoff date | Shows how long the debt remains outstanding |
| Eligibility and required information | Loan type, disbursement details and borrower data used | Separates a theoretical estimate from a plan you can actually use |
| Potential forgiveness | Whether forgiveness is part of the plan projection and the conditions attached | Prevents treating a conditional projection as a guaranteed benefit |
Save the assumptions beside each result. If you change income, family size, filing status, balance or term, you have created a different scenario and should not compare the outputs as though they came from identical inputs.
Why your estimate may not match the bill
Daily interest accrual
Interest does not necessarily accrue as a single monthly charge. Federal Student Aid describes a monthly-interest approximation as (outstanding principal balance × interest rate) ÷ number of months in a year, but notes that months have different lengths, so the actual accrual varies with the calendar. The explanation appears in its guidance on subsidized and unsubsidized loans. A formula that assumes exactly one-twelfth of annual interest each month will therefore be close, not exact.
Accrued or capitalized interest
If unpaid interest has accumulated, the amount used for repayment may be higher than the original principal. If interest is capitalized, it is added to principal and future interest is calculated on the larger balance. Ask the servicer whether the balance you entered includes accrued interest and whether capitalization is scheduled.
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Different payment timing
The date interest begins, the due date, the date a payment is credited and the number of days in a billing cycle can all affect the amount. A first or final payment can also be different from the regular installments.
Fees, credits and autopay reductions
A calculator may omit fees or a rate reduction. Federal Student Aid specifically identifies an autopay interest reduction as one factor that can make a projection differ from the eventual amount. Verify whether the reduction is already active and whether you must maintain an eligibility condition.
Income or household changes
An income-driven estimate can change after annual recertification, a change in family size or a different tax-filing status. A recently submitted application may not yet be reflected in the account. Keep a copy of the information you submitted and the date of submission.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Handling multiple loans
List every loan separately with its balance, rate and remaining term. Calculate a payment for each fixed-rate loan, then add them. This preserves the difference between a high-rate and low-rate balance and lets you see which loan drives the total.
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If a federal calculator asks for combined information, enter every eligible loan accurately rather than using an average rate unless the tool specifically instructs you to do so. An average can produce a plausible-looking number while misrepresenting the payment allocation or eligibility result.
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Use scenarios to test affordability
Current-plan scenario
Enter the current balance, current rate and remaining payments. This estimates the payment if the existing fixed schedule continues without changes.
Shorter-term scenario
Keep the balance and rate constant, reduce the number of payments and recalculate. The monthly amount should generally rise, while the modeled interest falls because the balance is outstanding for fewer months. Confirm that the proposed term is actually offered by your servicer.
Longer-term scenario
Increase the number of payments to see the potential monthly relief. Compare the resulting total interest and payoff date before deciding that the lower bill is affordable in the broader sense.
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Income-change scenario
For an income-driven plan, run the federal calculator with the income and household information you reasonably expect, then rerun it using conservative and optimistic values. Label each result with the assumptions and do not treat the optimistic case as a guaranteed payment.
Common calculation mistakes
- Using the original loan amount: the current balance may be higher or lower after payments, accrued interest or capitalization.
- Entering a percentage as a whole number: use 0.06 for 6%, not 6.
- Using annual payments in a monthly formula: the rate and payment count must use matching periods.
- Combining loans with different rates without checking: separate calculations are more informative.
- Comparing only the monthly payment: record total paid, interest and payoff date too.
- Assuming a projected forgiveness amount is certain: eligibility and borrower circumstances control whether it applies.
- Ignoring account updates: a submitted application, autopay setting or recertification can change the account after you run a calculator.
Verify the number before you budget around it
- Sign in to StudentAid.gov and review the loans, balances and servicer shown for your account.
- Check the servicer statement for the active repayment plan, interest rate, due date and amount due.
- Compare the statement with your calculation and identify whether the difference comes from accrued interest, timing, fees, a rate reduction or a different plan assumption.
- If the plan or balance is unclear, contact the servicer and ask for the payment calculation and the effective date of any change.
- Recheck after a plan change, annual income recertification, deferment, forbearance, capitalization event or loan transfer.
The number on the statement is the amount you must pay for that billing cycle. The calculator is best used to prepare a budget, test alternatives and identify questions to ask before you rely on a new plan.
A practical worksheet
Use one line for each loan and keep the source and date beside every input.
| Field | Your entry |
|---|---|
| Loan or group name | Identify the account or accounts |
| Current principal | Copy the latest statement amount |
| Annual interest rate | Record the rate for that loan |
| Monthly rate | Annual decimal rate ÷ 12 |
| Number of monthly payments | Remaining or proposed term |
| Estimated fixed payment | Apply the amortization formula |
| Estimated total paid | Payment × number of payments |
| Estimated interest | Total paid − principal |
| Plan assumptions | Income, family size, filing status, state and eligibility details when applicable |
| Verification date | Date you checked StudentAid.gov or the servicer statement |
For a federal plan comparison, save the calculator output with the assumptions used. When any input changes, make a new worksheet rather than overwriting the old one; that preserves a useful record of why two estimates differ.
Bottom line for budgeting
A fixed-payment estimate starts with balance, annual rate and monthly-payment count. The amortization formula provides a transparent baseline, while the Federal Student Aid calculator is the appropriate tool for comparing eligible federal plans, income-driven payments and possible forgiveness projections. Because interest timing, account history and plan assumptions can change the result, verify the active plan and billed amount in your account or with the servicer before treating an estimate as a required payment.
Quick Recap
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