Refinance calculator

Compare the offer. See the tradeoff.

See whether a refinance offer lowers your payment, lowers your total cost, or simply trades one for the other.

Compare a current fixed-rate student loan with a fixed-rate refinance offer, including payment, term, interest, and fees.

Step 1

Your loan today

Use one combined balance only when the loans share the same fixed rate and remaining term.

What kind of loans do you have now?

We use this answer only to show the right warning. It does not change the estimate.

$

Use the balance on your latest statement.

Enter the annual rate as a percent, such as 6.5.

Use your best whole-year estimate from 1 through 50.

Step 2

The new offer

Use a written fixed-rate offer. A variable rate cannot be projected reliably over the full term.

Use the fixed rate in the lender’s written offer.

Enter the whole number of years in the offer.

$

Enter only a fee you pay separately at closing. Enter 0 if there is none; a fee added to the new balance is not modeled.

Related calculators

Keep going with a focused next step

Before You Refinance

A smaller payment is not automatically a better deal. Check whether the term is longer, whether the rate can change, whether a fee is financed into the balance, and whether the lender offers hardship options or cosigner release.

If any current loan is federal, private refinancing is irreversible. The new private loan will not carry the federal repayment, forgiveness, deferment, forbearance, cancellation, and discharge protections attached to federal loans. Review your federal options and the lender’s complete disclosure before signing.

Student Loan Refinance Calculator FAQs

It compares two fixed-rate monthly amortization estimates using the same starting balance: your current rate and remaining term, then the new rate, term, and any fee paid separately at closing. It shows the monthly payment, projected interest and fees, total paid, and the tradeoff between monthly cash flow and total cost.

No. A longer term can lower the monthly payment while increasing the amount paid over time. The calculator separates monthly savings from projected total savings so that tradeoff stays visible.

Private refinancing replaces federal loans with a private contract and cannot be reversed. You can lose federal repayment options, forgiveness paths, deferment, forbearance, and other protections. Compare those benefits with the lender’s written terms before deciding.

Not reliably with this tool. A variable rate can change, so a single rate cannot project the full repayment cost. Use the lender’s fixed-rate offer or review the variable-rate index, margin, caps, and adjustment schedule in the disclosure.