Student loan repayment calculator
Money & financeHow much will you repay on your student loan?
See the monthly payment and total interest, with the Finnish Kela compensation and interest subsidy when they apply.
What you enter stays on your device while you use this tool. Opening a shared link sends the settings in its address to HowToolbox to prepare the page.
Monthly payment
$202.49
Repaying $20,000.00 over 10 years; $4,298.83 in interest.
Equal monthly payments at a fixed rate. Your bank's terms, fees and rate changes decide the actual amounts.
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Student loan repayment by year
$20,000.00 repaid in monthly instalments; total interest $4,298.83.
- Principal
- Interest
- Remaining balance
| Year | Principal | Interest | Remaining balance |
|---|---|---|---|
| 1 | $1,660.10 | $769.78 | $18,339.90 |
| 2 | $1,727.73 | $702.15 | $16,612.17 |
| 3 | $1,798.12 | $631.76 | $14,814.04 |
| 4 | $1,871.38 | $558.50 | $12,942.66 |
| 5 | $1,947.63 | $482.26 | $10,995.03 |
| 6 | $2,026.98 | $402.91 | $8,968.06 |
| 7 | $2,109.56 | $320.33 | $6,858.50 |
| 8 | $2,195.50 | $234.38 | $4,663.00 |
| 9 | $2,284.95 | $144.93 | $2,378.04 |
| 10 | $2,378.04 | $51.84 | $0.00 |
See the monthly payment and total interest, with the Finnish Kela compensation and interest subsidy when they apply.
How to use
- Enter what you owe when repayment starts, the loan's interest rate and how many years you will repay.
- For a Finnish state-guaranteed student loan, turn on the Kela rules and choose your degree's scope and whether you graduated within the time limit.
- Read the monthly payment, the compensation and the interest, and see the interest subsidy limits below the result.
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How it works
A student loan is usually repaid like any other loan: equal monthly payments, each covering that month's interest and a part of the balance. The longer the repayment time, the smaller the payment, but the more interest you pay in total.
The payment is A = P × r / (1 − (1 + r)^−n), where P is the balance, r the yearly rate divided by 12 and n the number of months. In Finland, Kela's student loan compensation first lowers P: 40 % of the loan above 2,500 euros, if you complete your first higher-education degree on time. For example, a 20,000 euro loan on a 300-credit degree is counted up to 18,000 euros: 40 % × 15,500 = 6,200 euros off.
If your income is low after graduation, Kela's interest subsidy can pay your loan interest for up to five six-month periods. The income limits depend on how many children you have. The rules come from Kela's pages on the compensation and the interest subsidy.
The estimate uses a fixed rate; Finnish student loans usually follow a reference rate, so the payments change with it. Kela makes the actual compensation and subsidy decisions.
Worked example
What is the monthly payment on 12,000 over 10 years at zero interest?
- Switch off the Kela rules for this repayment-only example.
- There are 10 × 12 = 120 monthly payments.
The payment is 12,000 ÷ 120 = 100 a month.
Frequently asked questions
Who gets Kela's student loan compensation?
Students who accepted their first higher-education study place on 1 August 2014 or later, complete their first degree within Kela's time limit and have more than 2,500 euros of student loan from it. Kela usually pays it to your bank without an application.
How long can Kela pay the interest subsidy?
For at most five six-month interest periods, 2.5 years in all, when your gross monthly income in the assessment period stays under the limit. You apply for each period separately.
Can I repay faster?
Yes. A shorter repayment time raises the monthly payment and lowers the total interest. Ask your bank about extra payments.
Can I use this without the Finnish benefits?
Yes. Switch off the Kela rules to estimate ordinary fixed-rate repayment without compensation or interest subsidy.
Does the result include bank fees?
No. It includes principal and interest. Add your bank’s arrangement and payment fees separately when comparing the total cost.
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