What is Student Loan Refinance Calculator?
Refinancing chatter always leads with the monthly payment because that is what hits the budget—but the lifetime interest line matters just as much, especially if someone quietly resets you to a longer term. This calculator shows payment and total interest side by side using standard amortization math so you can see trade-offs in one place.
It does not pull live rates from lenders. You type what you are actually offered or what you are modeling.
How It Works
Enter your current balance, annual rate, and months left on your existing loan. Then enter the new rate and the new term you are considering. We compute payments with a standard fixed-rate installment formula and compare totals.
Formula
Monthly payment = P × r × (1+r)^n / ((1+r)^n − 1) where r is monthly rate and n is months
Formula Explained
Same reducing-balance logic as other loan tools on the site. If your loan has variable rates or fees, those belong in a spreadsheet with your exact promissory note.
Example
Balance $38,000 at 6.8% with 120 months left might refinance to 5.1% for 120 months—monthly payment falls, but if you instead stretch to 180 months at the lower rate, check total interest before you sign.
Tips & Best Practices
- ✓Get quotes in writing; APR includes some fees, nominal rate does not.
- ✓Autopay discounts can stack—ask.
Common Use Cases
- •Comparing two refinance quotes on total cost, not just monthly payment