Estimate the monthly payment on a $10,000 student loan. Adjust the rate and term below to match your offer.
Estimated monthly payment
$111.02
at 6% APR over 10 years
| APR | Monthly Payment | Total Interest |
|---|---|---|
| 4% | $101.25 | $2,149.42 |
| 5% | $106.07 | $2,727.86 |
| 6% | $111.02 | $3,322.46 |
| 7% | $116.11 | $3,933.02 |
| 8% | $121.33 | $4,559.31 |
| 9% | $126.68 | $5,201.09 |
| 10% | $132.15 | $5,858.09 |
| 12% | $143.47 | $7,216.51 |
The monthly payment uses the standard amortizing loan formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the $10,000 principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). Each payment covers the interest accrued that month first, with the remainder reducing the principal — so early payments are mostly interest and later payments are mostly principal.