Loan Refinance Calculator
See if refinancing your loan to a lower rate will save you money.
Your current loan
Enter your existing loan details
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Refinance offer
Enter the new loan terms you're considering
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Refinancing saves you
Refinancing makes sense!
Refinancing costs you
Keep your current loan
Break-even point
When your savings cover the closing costs
Keep current loan
Monthly payment
Months remaining
Interest remaining
Total remaining
Refinanced loan
Monthly payment
Loan term
Interest + closing costs
Total cost
Monthly payment change
Current
Refinanced
Monthly change
When to refinance
Refinancing replaces your current loan with a new one, ideally at better terms. It makes sense when the savings outweigh the costs.
Rule of thumb
Refinancing often makes sense if you can lower your rate by at least 1%, and you plan to keep the loan long enough to pass the break-even point.
Refinance checklist
- Lower rate available? — Compare offers from multiple lenders
- Closing costs reasonable? — Factor in all fees
- Break-even timeline? — Will you keep the loan long enough?
- Term considerations? — Longer term = lower payment but more interest
Common refinancing scenarios
- Auto loans — Rates drop or your credit improves
- Student loans — Federal to private (be cautious), or rate reduction
- Personal loans — Credit score improvement unlocks better rates
- Mortgages — Rate drops significantly (usually 0.5-1%+)