Compute the monthly payment, total repayment, and total interest of a student loan, to plan your post-graduation repayment burden.
Input Data
Results
At a glance:A student loan amortises the principal with interest; the monthly payment, total repayment, and total interest follow the standard loan formula.
Formula
monthlyPayment = P × r·(1+r)^n / ((1+r)^n − 1) (r = annualRate%/12, n = termYears×12)
totalRepayment = monthlyPayment × n
totalInterest = totalRepayment − P
$$r = \\dfrac{\\text{Annual rate}\\%}{12},\\quad n = \\text{Term (years)} \\times 12$$$$\\text{Monthly payment} = P \\times \\dfrac{r(1+r)^n}{(1+r)^n - 1}$$$$\\text{Total interest} = \\text{Monthly payment} \\times n - P$$How to Use
- Enter the loan amount, annual rate, and term.
- Review the monthly payment, total repayment, and total interest.
FAQ
Does extending the term lower the monthly payment?
Yes. A longer term lowers the monthly payment and eases the early burden, but the longer interest period raises total interest. Balance an affordable monthly payment against overall interest cost; prepay once income rises.
Do grace or interest-free periods affect the calculation?
Yes. Some student loans are interest-free or deferred during study; this tool does not model that. With a grace period or interest capitalisation, the actual payment and total interest differ from this estimate — follow the lender's repayment schedule.
Is this the same as Hong Kong's student aid loans?
This tool is a general fixed-rate, amortising estimate. Hong Kong's aid schemes (e.g. NLSPS) have their own rates and repayment terms; actual payment, rate and grace arrangements follow the relevant aid body's rules.
What student loans are available in Hong Kong, and how do their rates differ from ordinary loans?
In Hong Kong, tertiary students borrow mainly through the Student Financial Office (SFO) — a means-tested loan under the grant scheme, and the Non-Means-Tested Loan Scheme (NLSPS), available regardless of family income. They differ from bank/personal loans in key ways: (1) usually much lower rates, with some interest-free or no-repayment during study; (2) repayment usually starts only after graduation, often with a grace period; (3) NLSPS still accrues interest (often from a set point, possibly during study) and must be repaid on time — not free. This tool gives a general fixed-rate amortising estimate; actual rates, interest-free/grace terms and repayment schedules vary by scheme, so follow the latest SFO announcements.
If it is interest-free in study and repaid only after graduation, is this calculator accurate?
This calculator models pure equal-monthly amortisation from the first period at a fixed rate to maturity. Real student loans often have arrangements it does not capture: (1) in-study interest-free / grace period — the accrual and repayment start point shifts later, so enter the post-graduation amount and term separately; (2) interest capitalisation — grace-period interest may be added back to principal, raising the post-graduation balance above the original; (3) early repayment is allowed and encouraged, so actual total interest is lower than the full-term estimate; (4) the rate may be adjustable. Use it to gauge the payment magnitude and compare terms; for exact figures follow the SFO and loan contract.
Content review: Calculatorism Finance Team. Results are for reference only; please refer to the relevant authorities for the official figures.