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Read the guide to understand the assumptions behind this calculator.
How this personal loan refinance calculator works
The calculator compares the remaining balance, APR, term and payment on the current loan with a new refinance offer. It estimates monthly payment change, remaining interest, total cost difference and a fee break-even point.
Monthly payment change vs total cost
A lower payment can still cost more overall when the new term is longer, the APR is not lower or fees are high. Read the payment change alongside the interest and total-cost rows.
How refinance fees affect break-even
Break-even estimates how many months of lower payments would be needed to offset refinance fees. Fees can be treated as paid upfront or rolled into the new loan balance.
Why a lower payment can cost more
Extending the term spreads repayment over more months. That can reduce the monthly payment while increasing the estimated interest or total amount paid.
What this calculator does not include
This calculator does not model credit approval, credit score effects, lender-specific fees, tax effects, payment timing, payoff quote timing, insurance products or secured-loan rules.
Key terms and assumptionsAPR, refinance fees, break-even timing, total cost, remaining-term handling, region settings and comparison limits.
- APR
- APR is divided by 12 to estimate monthly interest for each fixed-rate loan scenario.
- Refinance fees
- Fees can be counted as paid upfront or added to the new loan balance.
- Break-even
- Break-even is the estimated month when monthly payment savings offset refinance fees.
- Total cost
- Total cost is the remaining payments in each scenario, plus upfront fees when selected.
- Remaining term
- Remaining term is used to estimate the current payment when the current payment is not entered.
- Region settings
- Region settings change defaults, labels and currency formatting only. They do not convert currencies or provide tax advice.
- General estimate
- The result excludes lender approval, credit effects, exact payoff quotes, payment dates, tax effects, insurance products and lender-specific rules.
Guides and methodology
Plain-English notes that explain the assumptions behind related calculators and tools.
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FAQs
Does this tell me whether refinancing fits my situation?
No. It compares the loan numbers entered and does not recommend whether to refinance or choose a lender.
Why can a lower payment cost more?
A longer term can reduce the monthly payment but add more months of interest.
How are refinance fees handled?
Fees can be treated as paid upfront or rolled into the new loan, depending on the selected option.
What is the break-even month?
It is the estimated number of months for monthly payment savings to offset refinance fees.
What if I do not know my current payment?
The calculator can estimate it from the current balance, APR and remaining term.
Why might my lender quote differ?
Lender quotes can include different fees, payment dates, payoff amounts, interest accrual and approval terms.
Does this include credit score effects?
No. It does not model credit approval, credit score changes or eligibility.