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 saved by refinancing
$5,474
New monthly payment
$507
Current monthly payment
$552
Monthly cash-flow change
$46
Total repaid after refinance
$60,813
Payment if you keep the same payoff date
$507
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One click, a permanent link with your numbers baked in.
How to use this
- 1Enter total loan balance ($).
- 2Enter current weighted rate (%).
- 3Enter months remaining (months).
- 4Enter refinance rate offered (%).
- 5Enter new term (months).
- 6Read your total saved by refinancing on the right — it updates as you type.
- 7Hit Share to keep the scenario or send it to someone.
About this calculator
Refinancing student debt with a private lender can cut the rate meaningfully for borrowers with strong credit and income, but refinancing federal loans converts them permanently into private debt — you lose income-driven repayment, statutory forbearance rights, and any path to federal forgiveness. This calculator compares your current loans against a refinance offer: monthly payment, total repaid, interest saved, and the break-even term. It also shows what payment would keep your current timeline if you would rather bank the savings than lower the monthly. Run it before you apply, and think hard before refinancing federal loans you might need protections on.
Worked example
Using the values the calculator loads with:
Inputs
- Total loan balance: 48000 $
- Current weighted rate: 6.8 %
- Months remaining: 120 months
- Refinance rate offered: 4.9 %
- New term: 120 months
Results
- Total saved by refinancing: $5,474
- New monthly payment: $507
- Current monthly payment: $552
- Monthly cash-flow change: $46
- Total repaid after refinance: $60,813
- Payment if you keep the same payoff date: $507
What each field means
Inputs
- Total loan balance ($)
- The total loan balance used in the calculation, measured in $. Starts at 48000 $ so you have a working example on load. Accepted range: 0–500000 $.
- Current weighted rate (%)
- The current weighted rate used in the calculation, measured in %. Starts at 6.8 % so you have a working example on load. Accepted range: 0–20 %.
- Months remaining (months)
- The months remaining used in the calculation, measured in months. Starts at 120 months so you have a working example on load. Accepted range: 6–360 months.
- Refinance rate offered (%)
- The refinance rate offered used in the calculation, measured in %. Starts at 4.9 % so you have a working example on load. Accepted range: 0–20 %.
- New term (months)
- The new term used in the calculation, measured in months. Starts at 120 months so you have a working example on load. Accepted range: 6–240 months.
Results
- Total saved by 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 cash-flow change
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Total repaid after refinance
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Payment if you keep the same payoff date
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
FAQ
Should I refinance federal loans?
Only if you are confident you will never need income-driven repayment, federal forbearance, or forgiveness — those protections are permanently lost when you refinance.
Does refinancing hurt my credit?
Typically a small temporary dip from the hard inquiry and new account, with on-time payments helping over time. Effects vary.
Fixed or variable?
Variable rates start lower but can rise. If your payoff is longer than a few years, the fixed rate is usually the safer comparison to run here.
Are there fees?
Reputable student loan refinance lenders generally do not charge origination or prepayment fees, but confirm before accepting an offer.
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-calculator
<p>Source: <a href="https://www.revenuelab.fyi/toolbox/student-loan-refinance-calculator" 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-calculator) (2026).