Loan Refinance

Use this calculator to compare the benefit of refinancing, extending the loan period, or keeping the current loan.

Loan Refinance

This tool helps you:

  • Determine whether refinancing a loan is the right financial move. It evaluates whether the potential savings from a lower interest rate outweigh the cost of up-front refinancing fees, helping you understand the true benefit of refinancing.

  • By modeling your current loan alongside the proposed refinance terms, you can see how monthly payments, total interest, and overall cost change - allowing you to make a clear, informed decision about whether refinancing will save you money in the long run.

Current Loan

Original loan amount
Original term (months)
Interest rate
Loan start date
Loan balance

New Loan

Loan amount
New term (months)  
Interest rate
Refinance fee

Refinance Decision

Current

New

Difference

Monthly payment
All future payment
All future interest

Future Monthly Payment Difference

Content created by

AlexCFA, FSA, FRM, MBA

Alex is a seasoned finance professional with over 15 years of experience in investment management and financial technology. He began his career as a financial advisor and later led large-scale budgeting and risk management initiatives at global consulting firms. He also brings extensive experience as both an investment analyst and a software engineer. Alex is a CFA® charterholder, Fellow of the Society of Actuaries (FSA), and Financial Risk Manager (FRM®).

Content published on 2024-04-01. Last reviewed and updated on 2026-01-16.

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