2021 NerdWallet Best-of Awards Winner for Best Student Loan Refinancing Overall
2021 NerdWallet Best-Of Awards Winner

Student Loan Repayment Calculator

Want to know what your student loan repayment will look like? See your monthly payment and total interest based on your term and rate – even with multiple loans.

Enter Your Loan Information

Loan Balance
Your remaining student loan debt to be repaid.
Interest Rate
The amount that the lender charges in interest, expressed as a percentage.
The length of time you have to repay your student loan debt in full.



Monthly Payment


Lifetime Interest

Want a lower student loan rate or monthly payment? Check your prequalified refinance rate and term options in 2 minutes to see the savings that are possible.

FAQs – Student Loan Repayment Calculator

Interest is the amount of money paid regularly at a particular rate for the use of money borrowed from a student loan lender, or for delaying the repayment of a student loan debt. In essence, it’s the “extra” money you have to pay back the lender for the opportunity to use their money to go to college (or pay off your existing student loans by refinancing).

Your repayment term is the amount of time (typically in years) that you are scheduled to repay your loan in full.

If you have high interest federal student loans or private student loans, getting a lower rate through a student loan refinance will reduce the total interest you pay (all else being equal).

Obtaining a lower interest rate can decrease your monthly payments, but so could refinancing to a longer repayment term. By selecting a longer term, you can ensure that your monthly payment is as low as possible to provide some relief to your monthly budget. Plus, you’ll have more expendable cash for other necessary expenses.

Yes, of course you can! Paying off school loans early is a strategy thousands of student loan borrowers take advantage of. You can do so by making additional payments, increasing your monthly payments, or refinancing to a shorter term. All of these strategies are effective and typically there aren’t any prepayment penalties to worry about.

There are three primary ways to pay off student loans early including refinancing to a shorter term, making larger payments, or making additional payments.

By having a plan in place to pay your loans sooner than expected, you can save money on accrued interest costs, get rid of student debt once and for all, and move on to bigger and better financial goals.

Not with any of Purefy’s recommended lenders. All of Purefy’s best student loan refinance picks charge no origination fees or prepayment penalties.