Student Loan Refinance Calculator
Use this student loan refinance calculator to compare an existing student loan with a potential refinance offer.
Enter your current balance, rate, payment, remaining term, and a new rate and term.
The result estimates the new payment, monthly savings, interest comparison, break-even point, and total savings or extra cost.
It is designed for U.S.
| Current total interest | $16,874 | |
|---|---|---|
| New total interest | $13,024 | |
| Total cost of refinanced loan | $55,274 | Includes $250 in fees |
Assumptions
- The current loan estimate uses your stated monthly payment rather than a lender's exact amortization schedule.
- Refinance savings depend on whether you shorten, maintain, or extend the term.
- Losing federal borrower protections can matter even when the payment looks lower.
How this calculator works
Formula used
Refinance payment uses a new amortized loan calculation, while savings compare current repayment estimates with the refinanced loan plus fees.
Example calculation
If you refinance a remaining $40,000 balance from 7.5% to 5.5%, the calculator estimates monthly savings and whether refinance fees are recovered over time.
Student Loan Refinance Calculator FAQ
Is this student loan refinance calculator exact?
It is an estimate for U.S. planning only. Your actual student loan refinance can change based on school grading policies, lender disclosures, test scaling, fees, or other real-world details.
Who should use this student loan refinance calculator?
Students, parents, and families can use it to compare scenarios, double-check classroom math, or plan for college and student loan decisions before using official school or lender tools.
Does this replace official records or advice?
No. Use your school transcript, official testing account, financial aid package, or lender statement for final decisions. These tools are educational planning calculators only.