Finance
Loan Refinance Comparison Calculator
Compare current and refinanced loan payments, interest, and lifetime savings after upfront refinance fees. Nothing you enter leaves your browser.
Enter your values, then calculate.
Calculation method
A transparent estimate.
Every adjustable assumption stays visible, so you can understand what drives the result and tailor it to your situation.
Payment ≈ P × r / (1 − (1 + r)^−n), or P / n at 0% interest; P = remaining principal, n = months, r = annual interest rate (%) / 1200. Monthly interest = balance × r; principal paid = payment − interest. Lifetime savings = current remaining payments − new total payments − upfront fees.What this estimate assumes
- Uses USD, a fixed nominal annual interest rate, and monthly payments at the end of each month. Enter the interest rate rather than APR, which may include fees.
- Interest is rounded to cents monthly. Estimated payments use the smallest whole-cent amount that repays the balance within the selected term; the final payment is capped at the amount owed.
- Supports 1–600 months and annual interest rates from 0% to 100%. Taxes, insurance, variable rates, daily interest, and prepayment penalties are excluded.
- Both loans start with the same remaining principal. Fees are paid upfront and are not financed; no cash-out is included.
- Compares both loans through full payoff, with no discounting of future cash flows. A lower payment can increase lifetime cost if the new term is longer; negative savings mean higher costs.
Research sources
What this tool does
About the Loan Refinance Comparison Calculator
Compare current and refinanced loan payments, interest, and lifetime savings after upfront refinance fees. It is a planning aid for comparing scenarios; it is not financial, tax, lending, or investment advice.
The calculation uses remaining loan balance, annual interest rate (not apr), remaining loan term, new annual interest rate (not apr), new loan term, and upfront refinance fees.
How to use it
- Review the starting values for remaining loan balance, annual interest rate (not apr), remaining loan term and replace them with your own.
- Choose any available units or assumptions, then select “Compare refinance costs.”
- Read the labeled result, compare another scenario if needed, and copy the output for your notes.
Practical example
Start with a known input
The workbench starts with a complete scenario: Remaining loan balance: 25000 $ Annual interest rate (not APR): 7.5 % Remaining loan term: 60 months New annual interest rate (not APR): 5.5 % Change one assumption at a time to see how it affects the result.
What to know about the result
- ISO 8601 dates are least ambiguous when they include a timezone offset or the UTC designator Z.
- Results are estimates based only on the supplied values. Rounding, fees, local rules, and real-world conditions may change the final outcome.
Common questions
Using the Loan Refinance Comparison Calculator
Is the Loan Refinance Comparison Calculator free to use?
Yes. FormatCalc's Loan Refinance Comparison Calculator is free to use with no account required.
Is my data private when I use the Loan Refinance Comparison Calculator?
Yes. This tool processes your input locally in your browser. FormatCalc does not upload or store what you enter.
How do I use the Loan Refinance Comparison Calculator?
Enter your values, select any units, and choose Compare refinance costs. You can then copy the result.
How is the Loan Refinance Comparison Calculator calculated?
It uses Payment ≈ P × r / (1 − (1 + r)^−n), or P / n at 0% interest; P = remaining principal, n = months, r = annual interest rate (%) / 1200. Monthly interest = balance × r; principal paid = payment − interest. Lifetime savings = current remaining payments − new total payments − upfront fees.. The result is a planning estimate based on the values and assumptions shown on this page.