Find out if refinancing your loan makes financial sense. Enter your current loan details and new terms to see your monthly savings, break-even point, and total interest saved over the life of the loan.
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Refinancing replaces your existing loan with a new one — usually to get a lower interest rate or a different term. This calculator compares what you'd pay on your current loan against the new terms, so you can see the difference in monthly payment and total interest.
The key number is the break-even point: if refinancing has fees, divide them by your monthly saving to see how many months it takes to recoup the cost. Refinancing usually only makes sense if you'll keep the loan past that point.
Estimates only, and not financial advice. Figures assume a fixed interest rate — always check your loan or card agreement for the exact terms.
Generally when the new rate is meaningfully lower than your current one and you'll keep the loan long enough to recoup any fees. A small rate drop on a large, long loan can still save a lot.
It's how long it takes for your monthly savings to cover the cost of refinancing. If fees are $1,500 and you save $150 a month, you break even in 10 months — after which you're genuinely ahead.
It can cause a small, temporary dip from the lender's credit check and the new account, but this usually recovers within months. The long-term saving often outweighs the brief impact.
Yes — if you refinance into a longer term, your monthly payment may drop but you could pay more total interest. Always compare the total cost, not just the monthly figure.