Calculators
Student Loan Refinance Calculator
Compare current student loan payments with a private refinance offer: monthly payment, total interest and savings.
- Runs in your browser
- Nothing uploaded
The tool
Enter your numbers below. Results update as you type, and nothing leaves your browser.
Everything you enter stays on your own machine. Nothing is sent to us or to anyone else, which you can confirm in your browser network tab.
What people use it for
- Evaluating refinance offers
- Comparing lenders
- Deciding which loans to refinance
- Debt reduction planning
About this tool
What the Student Loan Refinance Calculator does
Refinancing replaces existing student loans with a new private loan, ideally at a lower rate. It can cut interest, but refinancing federal loans gives up federal protections such as income-driven repayment and forgiveness programmes, so weigh savings against those losses.
It also works as a student loan refinance savings calculator.
Formula
- Payments use the standard amortisation formula
- Saving = remaining current payments − (new payments + fees)
Worked example
Using the starting values in the calculator above:
| Input | Value |
|---|---|
| Loan balance | $40,000 |
| Current interest rate | 7% |
| Years remaining | 8 |
| New interest rate | 5% |
| New term | 10 |
| Fees | $0.00 |
| Result | Value |
|---|---|
| Total saved over the loan | $1,442 |
| Monthly payment change | $121 |
| Current payment | $545.35 |
| New payment | $424.26 |
How to read the result
A longer new term can lower the monthly payment but increase total interest; check the total saving.
Keep federal loans federal if you might need income-driven repayment, deferment or forgiveness.
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Questions
Questions about this tool
The things clients actually want to know — costs, timelines, ownership and what happens after launch.
It can save money with good credit and stable income, but federal borrowers lose federal protections.
A hard credit check has a small temporary effect.
Yes, with a private lender, but federal loans then become private.
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