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Student Loan Refinance Calculator
See what refinancing your student loans would save. List each loan with its balance, rate and years left, then enter the refinance rate and term to compare monthly payments, total interest and lifetime savings, with other terms side by side.
Last updated:
Current student loans
Refinance offer
%
years
$
Most refinance lenders charge none.
Enter your values to see the result.
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How to use the Student Loan Refinance Calculator
- List your current loans, one per line: balance, interest rate and years left. Add a fourth number if you know the monthly payment.
- Tick the box if any are federal loans to see what you would give up.
- Enter the refinance offer: new rate, term and any fee.
- Compare the new payment, total interest and total savings.
- Check the term table to balance a lower payment against total cost.
How the comparison is calculated
- Each current loan: payment P = B × r ÷ (1 − (1 + r)−n) with r = rate ÷ 12 and n = months left (or your entered payment), then month-by-month amortization until it is paid off.
- Weighted average rate = Σ(balance × rate) ÷ total balance.
- Refinanced loan: total balance (plus any fee) amortized at the new rate and term.
- Total savings = everything you would still pay on the current loans − everything you would pay on the new loan.
Example: three loans of $18,000 at 6.8%, $12,000 at 5.5% and $9,500 at 7.9% (weighted average about 6.67%) cost about $565 a month in total. Refinancing the $39,500 at 5.2% for 7 years costs about $562 a month, a similar payment, but the lower rate cuts the total interest by about $3,000.
Monthly payment per $10,000 refinanced
| Rate | 5 years | 7 years | 10 years | 15 years | 20 years |
|---|---|---|---|---|---|
| 4% | $184.17 | $136.69 | $101.25 | $73.97 | $60.60 |
| 5% | $188.71 | $141.34 | $106.07 | $79.08 | $66.00 |
| 6% | $193.33 | $146.09 | $111.02 | $84.39 | $71.64 |
| 7% | $198.01 | $150.93 | $116.11 | $89.88 | $77.53 |
| 8% | $202.76 | $155.86 | $121.33 | $95.57 | $83.64 |
| 9% | $207.58 | $160.89 | $126.68 | $101.43 | $89.97 |
Refinancing checklist
- Compare offers from several lenders; most show a rate after a soft credit check.
- Consider a co-signer if your credit or income is limited, and check co-signer release rules.
- Keep federal loans federal if you work in public service or may need income-driven payments. Estimate those with the income-driven repayment calculator.
- Refinance only some loans: you can move the high-rate private loans and keep the federal ones.
- Pay extra when you can; the student loan calculator shows how extra payments shorten the loan.
Frequently asked questions
How do I know if refinancing my student loans is worth it?
Refinancing pays off when the new rate is clearly lower than your weighted average rate and you keep the term about the same or shorter. If the total savings figure is positive and you don't need federal benefits, refinancing likely saves money.
What is a weighted average interest rate?
It is the average of your loan rates weighted by balance: add each balance times its rate and divide by the total balance. Federal Direct Consolidation uses this average (rounded up to the nearest 1/8%), while private refinancing gives you a new rate based on credit and income.
What do I lose by refinancing federal loans?
Federal loans refinanced with a private lender become private loans. You lose access to income-driven repayment plans, Public Service Loan Forgiveness, federal deferment and forbearance, discharge programs and any future federal relief. This cannot be undone.
Is refinancing the same as consolidation?
No. Federal Direct Consolidation combines federal loans into one federal loan at the weighted average rate, so it does not lower your rate. Refinancing is done by a private lender and can lower the rate, but makes the loans private.
Should I choose a longer term to lower my payment?
A longer term lowers the monthly payment but usually increases total interest, even at a lower rate. The table shows payment and total savings for each term so you can see the trade-off.
Fixed or variable rate?
A fixed rate stays the same for the life of the loan. A variable rate often starts lower but can rise with market rates. This calculator assumes a fixed rate for the whole term.
Are all the tools on FreeToolCabin tested for quality and accuracy?
Yes! Every tool on our site undergoes automated Q/A testing in real browser environments to ensure high precision, correct output, and zero errors. If you happen to spot a bug or have a suggestion, please contact us at [email protected] and our team will review it right away.
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