Student Loan Refinance Calculator
Compare your current loan with a refinance offer. Simplified compare, no fee by default.
What is a student loan refinance calculator?
A student loan refinance calculator compares your current loan with a new loan at a lower interest rate. It shows both monthly payments and how much you would save over the term.
How to use the student loan refinance calculator
Enter your loan balance, your current interest rate, the new rate and the number of years, then click Compare. The calculator shows the current payment, the new payment and your total savings.
Refinance formula
Each monthly payment uses the loan formula M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1). Savings = (current monthly payment − new monthly payment) × number of payments.
Example
A $20,000 loan over 10 years at 5% costs $212.13 per month. Refinancing to 4% costs $202.49 per month, saving $1,156.89 over 10 years. Note: refinancing a federal loan can lose federal protections.
Frequently Asked Questions
How much would I save refinancing $20,000 from 5% to 4% over 10 years?
You would save $1,156.89 over 10 years. Try it on the calculator above.
What is the new monthly payment after refinancing to 4%?
The new monthly payment is $202.49, down from $212.13 at 5%.
Does refinancing a federal student loan lose protections?
Yes, refinancing a federal loan into a private loan can lose federal protections, such as income-driven repayment plans and loan forgiveness options.
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