Personal loan refinance calculator
Your credit has improved, or you need a smaller payment. Check whether a new personal loan beats the one you have once the origination fee is counted.
Your current personal loan
todayCurrent payment (principal & interest): $483.96/mo ·
The refinance offer
newTotal still to pay, including refinance costs
- New payment
- $451was $484
- Monthly change
- −$33less each month
- Break-even
- 7 mosimple method: 1 yr 2 mo
- After 4 yrs
- $1,308ahead
- Interest left, current
- $4,858
- Interest, new loan
- $3,116
Your net position, month by month
Counts refinance costs, the payment difference and the difference in what you still owe. Crossing zero is the true break-even.
Same offer, other terms
| New term | Payment | Total cost | vs keeping | Break-even |
|---|---|---|---|---|
| 2 yr | $700 | $16,789 | save $2,569 | 6 mo |
| 3 yr | $492 | $17,730 | save $1,628 | 7 mo |
| 3 yr 4 momatches time left | $451 | $18,051 | save $1,308 | 7 mo |
| 4 yr | $390 | $18,703 | save $656 | 7 mo |
| 5 yr | $328 | $19,708 | cost $349 | 7 mo |
At 11.5% with the same costs. "vs keeping" compares everything still to pay on your current personal loan.
Ask about these numbers
An AI analyst reads your inputs and results above and explains them. The calculator works without it.
What makes a personal loan refinance pay
Personal loans are priced mostly on your credit score and debt-to-income ratio. If either has improved since you borrowed, you may qualify for a meaningfully lower APR. Unlike a mortgage there are few closing costs; the main cost is the origination fee, which many lenders take out of the loan proceeds.
Because the fee is usually deducted, you need to borrow slightly more than your payoff balance. With the "roll the costs in" box ticked, the calculator adds the fee to the new loan, so the comparison is fair.
Keep the term in check. The "same offer, other terms" table shows how stretching to 60 months drops the payment and raises total interest; matching the months you have left shows the pure rate saving.
Before you apply
- Get your payoff amount from your current lender; it includes interest accrued to the payoff date.
- Check for a prepayment penalty in your loan agreement.
- Prequalify with several lenders using soft credit checks, then compare APRs, not just rates, in the loan comparison tool.
- Several debts? Rolling them into one loan is consolidation: use the debt consolidation calculator.