Loan Refinance Calculator

Use our Loan Refinance Calculator to see whether replacing your loan with a new one would really save you money.

Enter your current loan — the payoff balance, interest rate, months remaining and, if you know it, your actual monthly payment — and the new offer: its rate, term and refinance fees, paid upfront or added to the new loan. The calculator compares the monthly payment, how long each loan takes, the interest and fees, and the total you would still pay, and shows how many months it takes for the lower payment to win back the fees.

A lower payment is not always a saving, because a longer term can cost more. You can also find the highest new interest rate at which refinancing still pays off. To estimate a fee for paying off your current loan early, use our Prepayment Penalty Calculator; for a home loan, our Mortgage Refinance Calculator.