Tool Factory

Student Loan Refinance Calculator

Compare your current student loan with a refinance offer — new payment, total interest, estimated savings vs the current loan, and fee break-even — in the browser.

  • Payment vs current
  • Estimated savings
  • Stays on your device
Current loan
Remaining term (years + months, or months only)
Use 0 years and a month count if you only know remaining months.
Refinance offer

Numbers stay on this device. Nothing is uploaded, and there is no account.

A student loan refinance calculator answers a practical question: if you replace the current student loan with a new rate and term, does the monthly payment fall enough to justify any fees — and do you actually pay less interest? Enter the balance you still owe, the rate you pay now, and how much term is left — years plus months, or months only.

Then add the refinance rate and new term in months (120 is 10 years). Optional origination or closing costs show break-even months: how long the monthly savings take to cover those fees. People also search this as a student loan refinancing calculator or a refinance student loan calculator — the comparison is the same. There is no second URL for those aliases.

A lower payment is not the whole story. Stretching the term can raise total interest even when the monthly bill shrinks. The results panel shows current vs new interest and estimated savings vs the current loan, including fees paid at closing. Refinancing federal loans into a private loan can also cost income-driven repayment or Public Service Loan Forgiveness — this page does not price those benefits. Everything runs in your browser. Totals never leave the device, and there is no account.

Browse more calculators on the Finance hub, or open the refinance calculator auto loan, credit utilization calculator, monthly budget template, and break even sales calculator. For campaign URLs, use the UTM builder.

How to use the student loan refinance calculator

  1. Enter the current loan balance (remaining principal, not the original amount).
  2. Enter the current annual interest rate and remaining term in years and months.
  3. Enter the new refinance rate and the new term in months.
  4. Optionally add origination or closing fees.
  5. Read the new payment, total interest, estimated savings vs the current loan, and break-even if fees apply.

Frequently asked questions

How does a student loan refinance calculator work?

A student loan refinance calculator re-amortizes your current balance at the new refinance rate and term, then compares that offer with the loan you have now. You see the current monthly payment, the new payment, monthly savings, total interest on both paths, estimated savings vs the current loan, and break-even months if you enter fees.

What numbers do I need for this student loan refinance calculator?

Enter the current loan balance, current interest rate, remaining term (years plus months, or months only), the new refinance rate, and the new term in months. Origination or closing fees are optional. A student loan refinancing calculator or refinance student loan calculator uses the same inputs.

How do you calculate break-even months on refinance fees?

Break-even months is fees divided by monthly savings (current payment minus the new scheduled payment). If fees are $500 and you save $40.05 a month, break-even is about 12.5 months. If the new payment is not lower, fees never break even.

Does a lower rate always save money on a student loan refinance?

Not always. A lower rate with a much longer term can raise total interest even when the monthly payment drops. Compare total interest and estimated savings vs the current loan — including fees — not just the new payment.

What happens if I refinance federal student loans into a private loan?

Refinancing federal student loans with a private lender typically means you lose federal protections such as income-driven repayment, Public Service Loan Forgiveness, and certain deferment or forbearance options. This calculator only compares payment, interest, and fees. It does not value those benefits.

Is refinancing the same as federal student loan consolidation?

No. A Direct Consolidation Loan combines federal loans into one federal loan and can change the payment plan, but it usually does not cut the interest rate. A private refinance replaces the loan with a new private rate, term, and often fees. This page models a refinance comparison only.

Does this student loan refinance calculator upload my loan numbers?

No. Balance, rates, remaining term, new term, and fees are calculated in your browser. Nothing is sent to a server or stored on our side.

Is this student loan refinance calculator financial advice?

No. Results are an educational estimate of payment, interest, and fee break-even. Credit, income, and lender offers vary, and refinancing federal loans has tradeoffs this page does not price. Check the offer documents or a qualified advisor before you sign.

Other tools