Estimate the monthly payment on a $20,000 student loan. Adjust the rate and term below to match your offer.
Estimated monthly payment
$222.04
at 6% APR over 10 years
| APR | Monthly Payment | Total Interest |
|---|---|---|
| 4% | $202.49 | $4,298.83 |
| 5% | $212.13 | $5,455.72 |
| 6% | $222.04 | $6,644.92 |
| 7% | $232.22 | $7,866.04 |
| 8% | $242.66 | $9,118.62 |
| 9% | $253.35 | $10,402.19 |
| 10% | $264.30 | $11,716.18 |
| 12% | $286.94 | $14,433.03 |
The monthly payment uses the standard amortizing loan formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the $20,000 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.