Student Loan Refinance Calculator
Compare your current student loan payment to a refinance scenario with a new rate, term, and fees. Click any i for detail.
Your loans
Current balance ($)
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Balance
Total principal you would refinance. |
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Current APR (%)
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Current APR
Weighted average rate if you have multiple loans. |
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Current monthly payment ($)
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Current payment
What you pay now. Leave 0 to estimate a 10-year payment at the current rate. |
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New APR (%)
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New APR
Refinance offer rate. |
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New term (years)
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New term
Length of the new loan. |
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Fees rolled in ($)
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Fees
Origination or other costs added to the new balance. |
How to use this calculator
- Enter balance and current rate/payment.
- Enter the new refinance rate and term.
- Add fees if they will be financed.
- Compare new payment and modeled interest.
Results explained
The headline is the new monthly payment. The breakdown compares current vs new payment and modeled interest.
Quick reference: refinance checks
What this model compares.
| Check | Meaning |
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| New payment | P&I on balance + fees at new rate/term |
| Monthly savings | Current payment − new payment |
| Interest model | Remaining interest if you stay vs new amortizing loan |
Federal vs private loan tradeoffs (forgiveness, IDR) are not modeled.
How the estimate is built
New payment uses standard amortization on (balance + fees). Current-path interest uses your payment or a 10-year estimate if payment is blank.
Example scenario
A $45,000 balance at 6.8% paying $520/mo refinanced to 5.2% for 10 years drops the payment and may cut interest — fees reduce the benefit.
FAQ
Federal loans?
Refinancing federal loans into private usually ends federal protections — this tool only does payment math.
Multiple loans?
Use a combined balance and weighted average rate, or run scenarios separately.