Student loan refinance calculator
Updated on June 24, 2025
How to use this calculator
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Input your current loan information
You can find this information on your student loan bill, in your account on StudentAid.gov or on your lender's website.
Current monthly payment is the amount you're paying each month on your student loan.
Balance left on the loan is the amount that you currently owe since making payment on the loan, not the original amount you borrowed.
Current interest rate is what you're currently charged for borrowing money.
Remaining loan term is how long you have left to make payments on the loan before it's paid in full.
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Input the refinanced loan information
Getting prequalified with a few lenders allows you to get a better idea of the rates and terms you'll get with your refinance. If you don't get prequalified, you can use the range of rates the lender offers, which are typically listed on its website.
New interest rate is the interest rate you will have on your refinanced loan.
New loan term is the amount of time you have to repay the new loan.
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Click “Calculate”
The following information will populate to the right of the information fields.
New monthly payment is the amount you'll pay on the new loan.
Monthly savings is how much you're saving each month by refinancing.
Difference in interest is how much you'll save in interest over the life of the loan.
Currently monthly payment: Add all of your monthly payments together and input the total.
Balance left on the loan: Add all of your loan balances together and input the total.
Current interest rate: Use the weighted average of all of your loans.
Remaining loan term: Use the longer loan term you have.
How to make the most of this calculator
If you're trying to decide if a refinance will help you save money, this calculator does all the work for you. It will show you the following:
- What your new monthly payment will be
- How much you'll save each month
- How much you'll save in interest over the life of the loan
Basically, if the monthly savings and difference in interest are negative, it may not be the best idea to refinance your loans.
Apply the results to your situation
1. Find out what rates work best for you
Once you know refinancing will work for your situation, use the calculator to see what interest rates and loan terms would help save you the most money. These numbers will help you be more informed as you shop around and compare lender offers for refinancing.
2. Compare student loan lenders that offer refinancing
These steps will help you find the lender that best meets your goals:
- Prequalify with a few lenders to get the most accurate estimate of your rate and term.
- Plug those numbers into the calculator.
- See which lender gives you the most affordable monthly payment or the lowest total amount of interest paid over the life of the loan.
3. Get an idea of your new monthly payment
Once you figure out your estimated monthly payment from the calculator, you can do the following:
- Make a more accurate budget
- Plan your repayment strategy – with a lower monthly payment, will you pay extra to pay the loan off faster?
What is a good refinance rate?
The money you pay in interest adds up over the years, costing you thousands more than you originally borrowed. The lower you can get your rate, the less you'll pay over the life of the loan. Current student loan refinance rates range between four and 14 percent.
Bankrate staff insights
“A good refinance rate is any APR that's substantially lower than your current loans' average rate. That's because any decrease in rate will save you money in interest paid toward your lender.”
Andrew Pentis, Certified student loan counselor and Bankrate principal writer
Frequently asked questions
Next steps for student loans
Continue on with your student loan refinance journey with these helpful guides and tips.
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Get an overview of each student loan lender, as well as their rates, repayment terms and maximum loan amounts.
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Wondering if you qualify for student loan refinancing? Review the eligibility requirements to find out.
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If you have Parent PLUS loans, these lenders may be a good option for refinancing these types of student loans.
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If you're ready to refinance your student loans, learn the steps you should take to apply.
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