Loan Refinance

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

This tool helps answer :

  • Is it worth it to refinance a loan for a lower interest rate, with additional up-front loan fee?

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

Alex LiuCFA, FSA, FRM, MBA

Alex is a seasoned finance professional with over 15 years of experience in investment management, consulting, and financial technology. He began his career as a financial advisor and later led large-scale budgeting and risk management initiatives as an actuary and manager at KPMG and global insurance 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®). He holds an MBA from the Simon Business School at the University of Rochester.

Content created on 2023-01-01. Last modified and reviewed on 2025-10-01.