Remaining and new terms
Compare both options from the same starting date. A longer new term can lower the payment without reducing total cost. Review lifetime savings and both balances at the holding horizon.
Loans
Personal Loan Refinance Calculator
Compare your existing personal loan with a new offer: payments, interest, refinancing costs and savings over your planned holding period.
Lifetime net savings
$368.08
Current payment including costs
$366.19
New payment including costs
$352.28
Monthly payment savings
$13.92
Net savings at holding horizon
$182.44
First positive cost-savings month
1 yr 2 mo
Current loan total interest
$2,577.30
New loan total interest
$1,909.22
New principal
$15,000.00
Fees paid upfront
$300.00
Current balance at holding horizon
$8,096.74
New balance at holding horizon
$7,948.34
New loan remaining balance
Month 1: $14,722.72Month 1 · $14,722.72
Month 3: $14,164.01Month 3 · $14,164.01
Month 5: $13,599.69Month 5 · $13,599.69
Month 7: $13,029.71Month 7 · $13,029.71
Month 9: $12,454.02Month 9 · $12,454.02
Month 11: $11,872.56Month 11 · $11,872.56
Month 13: $11,285.27Month 13 · $11,285.27
Month 15: $10,692.10Month 15 · $10,692.10
Month 17: $10,092.97Month 17 · $10,092.97
Month 19: $9,487.84Month 19 · $9,487.84
Month 21: $8,876.65Month 21 · $8,876.65
Month 23: $8,259.32Month 23 · $8,259.32
Month 25: $7,635.81Month 25 · $7,635.81
Month 27: $7,006.05Month 27 · $7,006.05
Month 29: $6,369.97Month 29 · $6,369.97
Month 31: $5,727.52Month 31 · $5,727.52
Month 33: $5,078.62Month 33 · $5,078.62
Month 35: $4,423.22Month 35 · $4,423.22
Month 37: $3,761.25Month 37 · $3,761.25
Month 39: $3,092.65Month 39 · $3,092.65
Month 41: $2,417.34Month 41 · $2,417.34
Month 43: $1,735.26Month 43 · $1,735.26
Month 45: $1,046.35Month 45 · $1,046.35
Month 47: $350.52Month 47 · $350.52
Month 48: $0.00Month 48 · $0.00
Month 1Month 48
Hover, tap or focus a column to see its exact value.
Repayment comparison
Detailed values use the same assumptions as the summary above.
| Month | Current payment | New payment | Current balance | New balance | Net cost savings |
|---|---|---|---|---|---|
| 1 | $366.19 | $352.28 | $14,733.81 | $14,722.72 | -$275.00 |
| 2 | $366.19 | $352.28 | $14,465.84 | $14,444.06 | -$250.39 |
| 3 | $366.19 | $352.28 | $14,196.08 | $14,164.01 | -$226.17 |
| 4 | $366.19 | $352.28 | $13,924.53 | $13,882.55 | -$202.35 |
| 5 | $366.19 | $352.28 | $13,651.17 | $13,599.69 | -$178.93 |
| 6 | $366.19 | $352.28 | $13,375.98 | $13,315.41 | -$155.92 |
| 7 | $366.19 | $352.28 | $13,098.96 | $13,029.71 | -$133.33 |
| 8 | $366.19 | $352.28 | $12,820.09 | $12,742.59 | -$111.15 |
| 9 | $366.19 | $352.28 | $12,539.37 | $12,454.02 | -$89.39 |
| 10 | $366.19 | $352.28 | $12,256.77 | $12,164.02 | -$68.07 |
| 11 | $366.19 | $352.28 | $11,972.29 | $11,872.56 | -$47.18 |
| 12 | $366.19 | $352.28 | $11,685.91 | $11,579.65 | -$26.72 |
Break-even is the first month when cumulative interest and recurring-cost savings exceed refinancing fees. Rate changes, extra payments, taxes and approval criteria are outside this model.
Calculation method
Payments and savings after costs
P is principal, r is the nominal annual rate divided by 12 and 100, and n is the number of months. At a zero rate, payment is P / n. Financed fees increase the new balance and its interest; the fee itself is deducted once.
Detailed guide
How to compare a personal loan refinance
Start with your outstanding balance, existing rate and remaining monthly payments. Then enter the new offer’s rate, term and fees. Both schedules start from the current balance, so interest you already paid is excluded from future savings.
For a personal loan refinance, include origination fees and changes in recurring charges. When the new term exceeds the remaining term, compare lifetime interest as well as the lower payment.
Payments and savings after costs
A = P × r / (1 − (1 + r)⁻ⁿ); savings = old interest − new interest + recurring-cost savings − fees
P is principal, r is the nominal annual rate divided by 12 and 100, and n is the number of months. At a zero rate, payment is P / n. Financed fees increase the new balance and its interest; the fee itself is deducted once.
At the holding horizon, the comparison uses accumulated interest, recurring costs and the one-time fee. Principal repayment reduces a liability rather than representing interest cost. Both remaining balances are shown so a lower payment does not hide slower repayment.
For example, if future interest falls by $4,000 and refinancing costs $1,500 with unchanged recurring costs, lifetime net savings are $2,500. Savings at an earlier holding date may be lower or negative.
What to check in the offer
Refinancing costs
Include fees and transaction costs. Paying upfront and adding fees to principal produce different payments.
First break-even month
Break-even follows cumulative interest and recurring-cost savings. Monthly payment savings are shown separately. An early advantage can shrink after the old loan ends, so review the full schedule.
Refinancing questions
Does a lower payment always save money?
No. A longer term can reduce payments while increasing lifetime interest. Compare net savings after fees and remaining balances.
How do I include financed fees?
Enter the total fee and select adding it to the new loan. The calculator increases principal and includes the resulting interest.
Why is break-even different from fees divided by payment savings?
Payments include principal repayment. This calculation compares interest and recurring costs so that slower repayment is not treated as savings.
Can I enter a zero interest rate?
Yes. At a zero rate, principal is divided by the number of months. Fees and recurring costs still apply.
Data sources
These sources explain the concepts used in the calculation. Check the applicable contract or issuer documents for your actual parameters.
Updated: October 1, 2026
Useful comparisons
Related financial calculators
Loan payment
Calculate fixed or declining payments, total interest and a downloadable amortization schedule.
Early loan repayment
Compare reducing the loan term with reducing the monthly payment.
Mortgage refinance
Compare your existing mortgage with a new offer: payments, interest, refinancing costs and savings over your planned holding period.
Auto loan refinance
Compare your existing auto loan with a new offer: payments, interest, refinancing costs and savings over your planned holding period.