Free Student Loan Refinance Calculator
Compare your current student loan with a refinanced loan to see potential monthly savings and total interest reduction.
Monthly Savings
$45.77
Total Interest Savings$5,492.12
New Monthly Payment$414.55
Monthly Savings vs Loan Term (years)
How to Calculate Refinance Savings
Refinancing replaces your current loan with a new one at a lower rate.
Savings Formula
Monthly Savings = Current Payment - New Payment
Total Savings = Monthly Savings x Number of Payments
Both payments use the standard amortization formula with respective interest rates.
Example Calculation
Refinancing a $40,000 loan from 6.8% to 4.5% over 10 years.
- 01Current monthly payment at 6.8% = $460.32
- 02New monthly payment at 4.5% = $414.02
- 03Monthly savings = $460.32 - $414.02 = $46.30
- 04Total savings over 10 years = $46.30 x 120 = $5,556