Online Tool Store
Student Loan Refinance Comparator
Compare your current student loan's monthly payment and total cost against a refinance offer, including fees, to see whether refinancing actually saves money.
🔒 This tool runs entirely in your browser. Your files are never uploaded to a server.
Current loan
Refinance offer
Example shown. Assumes a standard fixed-rate, fully amortizing loan on both sides.
How the Student Loan Refinance Comparator works
- Enter your current loan's remaining balance, interest rate, and remaining term.
- Enter the refinance offer's new rate, new term, and any origination fees.
- The tool computes both loans' monthly payments and total lifetime cost, then shows whether refinancing saves money overall.
What to watch for
A refinance that lowers your monthly payment by extending the term can still cost more in total interest. Compare both the monthly payment change and the lifetime cost change before deciding — they can point in opposite directions.
FAQ
How is the monthly payment calculated?
Using the standard fixed-rate amortization formula: payment = P × r / (1 − (1 + r)^−n), where P is the remaining balance, r is the monthly interest rate, and n is the number of monthly payments left in the term.
Why might a lower rate still cost more overall?
Stretching a refinance out over a longer term can lower the monthly payment while increasing the total interest paid over the life of the loan, even at a lower rate. This tool shows both the monthly and lifetime cost so you can catch that trade-off.
Does this account for origination fees?
Yes — enter any origination or refinance fees and they are added to the new loan's total cost before comparing it against your current loan's total remaining cost.
How we compare
| Feature | Online Tool Store | Lender's own calculator | Manual amortization spreadsheet |
|---|---|---|---|
| Side-by-side comparison, not just one loan | ✓ | ✗ | ✓ |
| No lender bias in the numbers | ✓ | ✗ | ✓ |
Federal student loans carry protections (income-driven repayment, forgiveness programs) that are permanently lost when refinanced into a private loan — factor that in beyond just the numbers here.