Does this cover income-driven repayment or forgiveness?

No. This models standard amortization. Factor in federal benefits before refinancing.

Not modeled; this assumes fixed APR. Recalculate if rates change.

Set fees to 0 if not financed; otherwise they’re added to the new balance.

Is refinancing always better?

Not always—compare total interest and consider benefits you may lose (forbearance, IDR, forgiveness).

Can I change term length?

Yes—adjust new term to see payment vs total interest tradeoffs.

finance calculator

Student Loan Refinance Calculator

Compare current student loan payment and interest to a refinanced loan with a new rate/term, including fees, monthly savings, and total interest savings.

Results

Current monthly payment: $511
Current interest remaining: $16,316
New monthly payment: $477
New total interest: $12,275
Monthly savings: $34
Total interest savings: $4,041
Refi fees included: $0

How to use this calculator

Enter current balance, rate, and years remaining.
Enter new rate and term for the refinance.
Optionally enter origination fees (rolled into the new balance).
Review new payment, monthly savings, and total interest savings.

Inputs explained

Current balance: Total remaining student loan balance.
Current rate (%): Existing APR on your loan(s).
Years remaining: Time left on your current repayment term.
New rate (%): APR offered for refinancing.
New term: Desired repayment term for the refinance.
Refi fees: Origination or lender fees if rolled into the new loan.

How it works

Current payment uses remaining term and rate. Refi payment uses new rate/term and adds fees to the balance if provided.

Monthly savings = current payment − new payment. Interest savings = current remaining interest − new total interest.

Formula

Current payment = P × r(1+r)^n / [(1+r)^n − 1]
Current interest remaining = (Payment × n) − Balance
New payment uses new rate/term on Balance + Fees
Savings (monthly) = Current payment − New payment
Savings (interest) = Current interest remaining − New total interest

When to use it

Comparing refinance offers to see monthly payment changes.
Checking total interest savings vs your current loan.
Seeing the impact of changing term length (shorter vs longer).

Tips & cautions

Shorter terms raise payments but reduce total interest. Longer terms lower payments but increase total interest.
If fees are paid upfront in cash, set fees to 0 to avoid inflating the financed amount.
Consider federal loan benefits—refinancing to private can forfeit protections; consult a pro if unsure.
Assumes fixed-rate amortization; does not model variable rates or income-driven repayment.
Does not account for federal loan benefits, forgiveness programs, or IDR nuances.
Fees are assumed financed; adjust if paying fees in cash.

Worked examples

$45k @ 6.5%, 10 years remaining → Refi 5% for 10 years, $0 fees

Current payment ≈ $511
Current interest remaining ≈ $16,320
New payment ≈ $477
New total interest ≈ $11,220
Monthly savings ≈ $34; Interest savings ≈ $5,100

$60k @ 7%, 8 years remaining → Refi 5.5% for 12 years, $500 fees

Current payment ≈ $813
Current interest remaining ≈ $17,700
New payment ≈ $553
New total interest ≈ $19,600
Monthly savings ≈ $260; Interest savings ≈ −$1,900 (higher total interest due to longer term)

Deep dive

This student loan refinance calculator compares your current payment and remaining interest to a new loan with different rate and term, including optional origination fees.

Use it to see monthly savings and total interest savings before refinancing—and weigh that against any loss of federal loan protections.

FAQs

Does this cover income-driven repayment or forgiveness?: No. This models standard amortization. Factor in federal benefits before refinancing.
Variable rate refi?: Not modeled; this assumes fixed APR. Recalculate if rates change.
Fees paid in cash?: Set fees to 0 if not financed; otherwise they’re added to the new balance.
Is refinancing always better?: Not always—compare total interest and consider benefits you may lose (forbearance, IDR, forgiveness).
Can I change term length?: Yes—adjust new term to see payment vs total interest tradeoffs.

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Estimates only. Refinancing private/federal loans can forfeit benefits. Consult a student loan professional or advisor before refinancing.