Student Loan Refinancing Calculator

Are you wondering how much you could save by refinancing your student loan? Our Student Loan Refinancing Calculator helps you estimate new monthly payments, compare current and refinanced loan terms, and see potential savings — all in just a few clicks.

What Is Student Loan Refinancing?

Student loan refinancing is the process of taking out a new loan with a private lender to pay off one or more existing student loans — ideally at a lower interest rate. This can help reduce your monthly payments, shorten your loan term, or save thousands over time.

Refinancing is especially helpful if:

Your credit score has improved since you first borrowed.
Market interest rates have dropped.
You want to simplify multiple loans into a single payment.

How the Calculator Works

Our Student Loan Refinancing Calculator is designed to give you a clear picture of how refinancing will impact your finances. Just enter the following:

Inputs:

Current Loan Amount – The total remaining balance on your student loan(s).
Current Interest Rate (%) – Your existing annual interest rate.
Remaining Term (years) – How many years are left on your current loan.
Refinanced Interest Rate (%) – The new rate you're considering.
New Loan Term (years) – The repayment term for your new loan.
Currency – Choose USD, EUR, GBP, or INR for a localized experience.

What the Results Show

Once you click Calculate, you’ll instantly see:

Monthly Payment (Current Loan):
Your existing monthly payment based on your current rate and remaining term.
Monthly Payment (Refinanced Loan):
The new estimated monthly payment based on the refinanced rate and term.
Total Savings Over Loan Term:
The difference between your total current loan payments and what you’d pay after refinancing.
A positive number = potential savings!

Why Use This Calculator?

Refinancing can be a great financial move — but only if the numbers work in your favor. Our calculator helps you:

Compare interest rates and terms side by side.
Understand the real impact of refinancing.
Estimate savings before you apply.
Decide if lowering payments or shortening your term is best.

Whether you're trying to reduce your monthly burden or pay off debt faster, this tool gives you the insight you need — instantly.

Important Notes

This calculator provides estimates, not exact quotes.
Always check with your lender for official rates and terms.
Refinancing federal student loans with a private lender may cause you to lose federal protections like income-driven repayment or loan forgiveness options.