Refinancing involves taking out a new loan at a lower interest rate and using it to pay one or more old loans. Our loan refinance calculator will show you how much you can save if you choose to refinance one of your loans.
How to use the calculator:
Fill in the required fields and click on the “Calculate” button to see the results. Here’s what each of the fields means:
- Current loan balance: the remaining balance of the loan.
- Interest rate: the amount charged for borrowing money, a percentage of the total amount of the loan.
- Remaining term: the remaining length of your loan, expressed in months.
- Loan term: the total length of your loan, expressed in months.
- Total savings: the total amount of money saved by refinancing one of your loans.
- Monthly savings: the amount of money saved on a monthly basis by refinancing one of your loans.
- Monthly payment: the amount paid to your lender each month in order to repay a loan.
- Total payments: the total amount of money paid towards the loan.
- Total interest: the total amount of money paid in interest.