Loan Refinancing Comparison Calculator
Compare existing vs. refinanced loans to calculate monthly savings and payback period
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An analysis tool that compares your current loan status with new refinancing terms, calculating monthly payments, lifetime interest differences, and how many months it takes to recover upfront refinancing fees.
How to use
- Enter the current loan balance and early repayment penalty fees.
- Input the current interest rate and remaining term in months.
- Enter the refinancing loan interest rate and its new term.
- Review the monthly savings, total lifetime interest savings, and break-even payback period.
FAQ
- How is the payback period calculated?
- It is the total refinancing costs (including penalties and setup fees) divided by your monthly payment savings. If your upfront fees are $2,000 and you save $100/month, the payback period is 20 months.