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Free online student loan refinance calculator to compare new rates, monthly savings, and total interest. See if refinancing saves you money now.
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Student loans accrue interest daily based on your outstanding principal balance and annual interest rate divided by 365.
Daily Interest = Outstanding Principal × (Annual Interest Rate ÷ 365)Calculates the fixed monthly payment needed to fully pay off the loan by the end of your repayment term. P is principal, r is monthly rate, and n is total monthly payments.
Monthly Payment = P × [r(1+r)^n] ÷ [(1+r)^n - 1]The overall sum of all monthly payments over the entire term, representing the true cost of your education loan.
Total Payoff = Monthly Payment × Number of PaymentsUpdated: July 2026
A standard $37,000 federal student loan with a 5.5% average interest rate under a 10-year term.
→ Monthly payment: ~$401; Total interest paid: ~$11,180
Adding an extra $150 per month to a $50,000 loan at 6.8% rate to shorten the 10-year term and reduce interest costs.
→ Saves ~$3,500 in interest and cuts repayment term by 32 months
A large private student loan of $80,000 at 8.0% interest rate under a 20-year term.
→ Monthly payment: ~$669; Total interest paid: ~$80,591
Federal and private student loan repayment involves complex interest amortization. This calculator estimates your monthly payment, total interest costs, and exact payoff timeline across standard and customized term plans.