Fixed-rate loan comparison

Student Loan Refinance Calculator

Compare your current student-loan payment and remaining interest with a proposed private refinance.

Federal loan warning: Refinancing federal student loans with a private lender generally means permanently giving up federal income-driven repayment, deferment and forbearance options, discharge protections, and forgiveness programs.

Estimated comparison

Monthly payment change

−$44/mo

Positive means the proposed payment is lower.

Cost break-even

No break-even

Lifetime cost difference

$91,351

Includes closing costs and the full remaining terms.

Interest difference

$95,551

Excludes upfront costs from the interest figure.

ComparisonCurrentNew

Monthly payment$1,769$1,813

Principal$248,000$248,000

Total remaining interest$282,599$187,048

Total remaining payments$530,599$439,248

Under these assumptions, refinancing reduces estimated remaining cost by $91,351.

How to compare refinance offers

Compare APR, fixed versus variable rates, term, origination fees, monthly payment, and total remaining interest. A longer term may lower the payment while increasing total cost.

Important limitations

Enter origination or application fees as closing costs.
The calculation assumes fixed rates and monthly amortizing payments.
It cannot value forgiveness eligibility, income-driven payments, cosigner release, death or disability discharge, tax effects, or lender hardship programs.
Variable-rate offers can become more expensive than this fixed-rate estimate.

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Planning guide

Read the complete guide →

Understand this estimate before using it

Quick answer

What does the Student Loan Refinance Calculator do?

Compare payments and interest while considering federal benefits. It amortizes current loans and a proposed private refinance, then compares payment, interest, fees, and holding-period savings while flagging federal-benefit tradeoffs.

Formula and calculation method

It amortizes current loans and a proposed private refinance, then compares payment, interest, fees, and holding-period savings while flagging federal-benefit tradeoffs.

The result is only as reliable as the inputs. Use current balances, rates, fees, dates, and documents; then change uncertain assumptions to see whether the conclusion remains stable.

How to interpret the result

Treat the output as a comparison or planning range, not a quote, approval, eligibility decision, tax return, or prediction. Review the breakdown—not only its headline number—and read every stated exclusion.

For current background, review Federal Student Aid repayment guidance. Product documents and official program tools control when they differ from this educational model.

Worked scenario

Put the result in context

For a $40,000 balance, compare the standard payment with any eligible federal income-based estimate and a private refinance quote. Include the monetary value of federal protections before treating a lower private rate as savings.

This scenario illustrates the method; it is not a quote, forecast, recommendation, or substitute for entering your actual facts.

Before you calculate

Gather current information before changing the defaults. A result based on verified records is more useful than a precise answer built from guesses.

your current balance, rate and months remaining

Check the date, unit, and source of this input before entering it.

the proposed new rate and term

Check the date, unit, and source of this input before entering it.

any fees

Check the date, unit, and source of this input before entering it.

the federal benefits you would give up

Check the date, unit, and source of this input before entering it.

What the result can answer

It can show how the entered assumptions interact, provide a consistent comparison, and reveal whether changing one important input materially changes the estimate.

What the result cannot decide

It cannot confirm approval, eligibility, market pricing, future performance, legal or tax treatment, contract quality, or whether the choice fits every part of your finances.

A practical next-step workflow

01 · Verify
Compare the inputs with current statements, quotes, official rules, and product documents.
02 · Stress-test
Run a second case with a less favorable value for the federal benefits you would give up.
03 · Confirm
Weigh the interest saved against the federal benefits lost, and refinance federal loans only if you are sure you will never need income-driven repayment or forgiveness before acting.

Frequently asked questions

Does the IDR calculator confirm eligibility?

No. Use StudentAid.gov for current eligibility, enrollment, and official payment estimates.

Can federal loans be refinanced federally?

Federal consolidation and private refinancing are different. Private refinancing generally replaces federal loans with a private loan and removes federal benefits.

What can make this estimate differ from an actual result?

Timing, rounding, rate changes, fees, taxes, eligibility rules, product conventions, and facts not requested by this focused calculator can all create differences.

Which inputs deserve a second scenario?

Retest any input that is quoted rather than fixed, depends on future behavior, or materially changes the result. Conservative and optimistic cases reveal more than false precision.

What should I verify before making a decision?

Verify current statements, disclosures, official rules, taxes, fees, cancellation or prepayment terms, and the consequences of a less favorable outcome.

Continue your research

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Prepared by Loan Lyze Editorial and reviewed under the Loan Lyze editorial framework on November 8, 2026. Educational estimate only. See our methodology, editorial policy, and corrections policy.

Compare both loan paths

How to compare refinance offers

Important limitations