Estimate the monthly payment on a $30,000 student loan. Adjust the rate and term below to match your offer.
Estimated monthly payment
$333.06
at 6% APR over 10 years
| APR | Monthly Payment | Total Interest |
|---|---|---|
| 4% | $303.74 | $6,448.25 |
| 5% | $318.20 | $8,183.59 |
| 6% | $333.06 | $9,967.38 |
| 7% | $348.33 | $11,799.05 |
| 8% | $363.98 | $13,677.93 |
| 9% | $380.03 | $15,603.28 |
| 10% | $396.45 | $17,574.27 |
| 12% | $430.41 | $21,649.54 |
The monthly payment uses the standard amortizing loan formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the $30,000 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.