Rex says
Money math without the spreadsheet headache. Plug in your numbers and I'll show you exactly where the dollars land.
Try a scenario
Click to load — tweak from there.Inputs
Result
Total savings from refinancing
$9,981.76
New monthly payment
$882.14
Current monthly payment
$778.53
Monthly payment change
-$103.61
Interest on the new loan
$12,099.82
Interest on the current loan
$22,081.58
Psst — share this and help Rex grow
One click, a permanent link with your numbers baked in.
How to use this
- 1Enter balance to refinance ($).
- 2Enter current rate (%).
- 3Enter years remaining.
- 4Enter new rate (%).
- 5Enter new term (years).
- 6Read your total savings from refinancing on the right — it updates as you type.
- 7Hit Share to keep the scenario or send it to someone.
About this calculator
Refinancing federal loans into a private loan permanently forfeits income-driven repayment and forgiveness options. The savings have to be worth losing that insurance.
Worked example
Using the values the calculator loads with:
Inputs
- Balance to refinance: 62000 $
- Current rate: 7.1 %
- Years remaining: 9
- New rate: 5.2 %
- New term: 7 years
Results
- Total savings from refinancing: $9,981.76
- New monthly payment: $882.14
- Current monthly payment: $778.53
- Monthly payment change: -$103.61
- Interest on the new loan: $12,099.82
- Interest on the current loan: $22,081.58
What each field means
Inputs
- Balance to refinance ($)
- The balance to refinance used in the calculation, measured in $. Starts at 62000 $ so you have a working example on load.
- Current rate (%)
- The current rate used in the calculation, measured in %. Starts at 7.1 % so you have a working example on load. Accepted range: 0–20 %.
- Years remaining
- The years remaining used in the calculation. Starts at 9 so you have a working example on load. Accepted range: 1–30.
- New rate (%)
- The new rate used in the calculation, measured in %. Starts at 5.2 % so you have a working example on load. Accepted range: 0–20 %.
- New term (years)
- The new term used in the calculation, measured in years. Starts at 7 years so you have a working example on load. Accepted range: 1–30 years.
Results
- Total savings from refinancing
- Returned as a money amount in US dollars and shown as the headline result. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- New monthly payment
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Current monthly payment
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Monthly payment change
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Interest on the new loan
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Interest on the current loan
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
FAQ
How does the student loan refinance calculator work?
Refinancing federal loans into a private loan permanently forfeits income-driven repayment and forgiveness options. The savings have to be worth losing that insurance. The underlying maths is: Savings = Old total payments − new total payments.
What do I need to enter?
5 values: balance to refinance, current rate, years remaining, new rate, and new term. Each field starts with a sensible default, so you can change one number at a time and watch the result move.
What does the total savings from refinancing result mean?
It is returned as a money amount in US dollars and updates live as you edit the inputs, so you can compare two or three versions of a scenario in a few seconds.
Is this calculator free, and do I need an account?
Yes, it's free, and no account is required. Nothing you type is stored on our servers — the maths runs entirely in your browser.
How accurate is the result?
It applies the standard formula exactly, so the arithmetic is precise. Results are estimates before tax, fees, and inflation unless an input explicitly covers them.
Who is this tool for?
It's built for anyone comparing money scenarios before committing — budgeting a payment, sanity-checking a quote, or seeing what a change in rate or term actually costs.
Accuracy and limitations
- Results are estimates before tax, fees, and inflation unless an input explicitly covers them.
- Rates are treated as fixed for the whole period — variable-rate products will drift from this projection.
- This is educational maths, not financial advice. Check anything contractual with the lender or your accountant.
Related tools
Cite this calculator
Writing about this topic? Grab a citation — every link helps keep these tools free.
RevenueLab. (2026). Student Loan Refinance Calculator. Retrieved from https://www.revenuelab.fyi/toolbox/student-loan-refinance
<p>Source: <a href="https://www.revenuelab.fyi/toolbox/student-loan-refinance" target="_blank" rel="noopener">Student Loan Refinance Calculator — RevenueLab</a> (2026).</p>
Source: [Student Loan Refinance Calculator — RevenueLab](https://www.revenuelab.fyi/toolbox/student-loan-refinance) (2026).