Student Loan Refinance Calculator
Compare current student loans vs refinanced terms. See monthly savings, total interest savings, and break-even point.
By Konstantin Iakovlev · Updated September 2026 · Source: FSA
New Monthly Payment
$530.33
Monthly Savings
$45.07
Total Interest Savings
$5,408.89
Current Loan
| Monthly Payment | $575.40 |
| Remaining Term | 120 months |
| Total Remaining Payments | $69,048.20 |
| Total Interest Remaining | $19,048.20 |
Refinanced Loan
| New Monthly Payment | $530.33 |
| New Term | 120 months |
| Total Payments | $63,639.31 |
| Total Interest | $13,639.31 |
Savings Summary
| Monthly Savings | $45.07 |
| Total Interest Savings | $5,408.89 |
Use the Student Loan Refinance Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.
Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.
How It Works
Refinancing student debt only makes sense when the new terms beat what you already carry, and this tool puts the two side by side. It weighs your existing loans against a proposed replacement to estimate your monthly savings, the total interest you would avoid, and how the payoff timeline shifts.
The comparison starts with the full cost of your current loans, built from the principal, interest rate, and remaining term. It then runs the same projection on the refinanced loan using the new rate and the term you select. The gap between the two, in both total interest and monthly payment, is where the potential savings show up.
Pull rate quotes from several lenders before committing, and look at both fixed and variable options rather than the first offer. Stretching the term to drag the monthly payment down is tempting, but a longer schedule usually means more interest paid before the balance clears.
Example: Should Sarah Refinance Her $50,000 Student Loan?
- 1 Sarah has a $50,000 student loan at 6.5% with 8 years (96 months) remaining. A private lender offers 4.0% on a 7-year (84-month) refinance with no fee. She leaves the current-payment field blank so the calculator works it out.
- 2 Current loan: $50,000 amortized at 6.5% over 96 months is $669.31 a month, $64,253.92 in remaining payments and $14,253.92 of interest.
- 3 New loan: $50,000 at 4.0% over 84 months is $683.44 a month, $57,408.99 in total and $7,408.99 of interest.
- 4 Result: the monthly payment rises by $14.13 (the calculator shows monthly savings of -$14.13), but total interest falls by $6,844.93 and the loan ends a year sooner. If the loan is federal, refinancing with a private lender also gives up income-driven repayment, PSLF and federal forbearance options, which the calculator does not put a price on.
Source: FSA · Last updated: September 2026
Frequently Asked Questions
Should I refinance my student loans?
What credit score do I need to refinance student loans?
Can I refinance federal student loans?
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