Refinancing your student loans to a lower interest rate can save thousands of dollars over the life of your loan. This calculator compares your current loan payment against a refinanced payment, showing you exact monthly savings and total savings over the full loan term.
Enter Your Measurements
Results
New Monthly Payment
434.11
$
Current Monthly Payment
464.43
$
Monthly Savings
30.33
$
Total Savings Over Loan Term
3,639.46
$
Formula
How to Use This Calculator
How to Use
- 1
Enter your current student loan balance.
- 2
Enter your current interest rate and the new rate you've been offered.
- 3
Set the loan term in years for the refinanced loan.
- 4
Compare your monthly payment savings and total savings over the full term.
Frequently Asked Questions
Frequently Asked Questions
What are the downsides of refinancing federal loans?
How much of a rate reduction makes refinancing worthwhile?
In-Depth Guides
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About This Calculator
This calculator uses the formula: Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1] Total Savings = (Current Payment − New Payment) × Number of Payments. All calculations follow industry-standard methods. Results are estimates — always verify with a licensed professional for structural or code-compliant work.
Built and maintained by the CalcSmart team. Last updated March 2026.
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<iframe src="https://calcsmart.io/embed/student-loan-refinance-calculator" width="100%" height="520" frameborder="0" style="border-radius:8px;border:1px solid #e5e7eb" title="Student Loan Refinance Calculator"></iframe>Free to embed. Attribution link included automatically.