Home Mortgage Calculator Including Taxes and Insurance

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Personal Loan Refinance Savings Calculator

Calculate your potential monthly and total savings by refinancing your current debt.

New Monthly Payment: $0.00
Monthly Savings: $0.00
Refinance Fee (Upfront): $0.00
Total Interest Paid (New Loan): $0.00
Total Potential Savings: $0.00

How to Use the Personal Loan Refinance Calculator

Refinancing a personal loan involves taking out a new loan—ideally with a lower interest rate or better terms—to pay off your existing debt. This tool helps you visualize exactly how much you can save in interest and monthly cash flow.

Why Consider Refinancing Your Personal Loan?

Borrowers typically look for refinance options for three main reasons:

  • Lower Interest Rates: If market rates have dropped or your credit score has improved since you took out your original loan, you may qualify for a significantly lower APR.
  • Lower Monthly Payments: By extending the loan term, you can reduce your monthly obligation, though this might increase total interest paid over time.
  • Debt Consolidation: Combining multiple high-interest debts into one lower-interest personal loan simplifies your finances.

Understanding the Math Behind the Savings

To determine if refinancing is "worth it," you must compare the Total Cost of Debt. This includes the remaining interest on your current loan versus the interest and fees of the new loan.

For example, if you owe $10,000 at 15% APR with 24 months left, your total remaining cost is roughly $11,637. If you refinance into a $10,000 loan at 8% APR for 24 months with a 2% origination fee ($200), your new total cost is $10,854 + $200 = $11,054. In this scenario, you save $583.

Watch Out for Origination Fees

Many online lenders charge an origination fee (usually 1% to 8% of the loan amount). Even if the interest rate is lower, a high fee can eat into your savings. Our calculator allows you to input this fee to ensure you're seeing the true net benefit.

Frequently Asked Questions

Will refinancing hurt my credit score?
Applying for a new loan triggers a "hard inquiry," which may cause a temporary, minor dip in your score. However, a lower interest rate and consistent payments will benefit your score in the long run.

Is there a prepayment penalty on my current loan?
Most modern personal loans do not have prepayment penalties, but it is essential to check your original loan agreement before refinancing.

function calculateSavings() { var balance = parseFloat(document.getElementById("currentBalance").value); var currentPayment = parseFloat(document.getElementById("currentPayment").value); var monthsRemaining = parseFloat(document.getElementById("monthsRemaining").value); var newRate = parseFloat(document.getElementById("newRate").value); var newTerm = parseFloat(document.getElementById("newTerm").value); var origFeePercent = parseFloat(document.getElementById("originationFee").value); if (isNaN(balance) || isNaN(currentPayment) || isNaN(monthsRemaining) || isNaN(newRate) || isNaN(newTerm)) { alert("Please enter valid numeric values in all required fields."); return; } // New Loan Calculation var monthlyRate = (newRate / 100) / 12; var newPayment = 0; if (monthlyRate === 0) { newPayment = balance / newTerm; } else { newPayment = balance * (monthlyRate * Math.pow(1 + monthlyRate, newTerm)) / (Math.pow(1 + monthlyRate, newTerm) – 1); } var totalCostNew = newPayment * newTerm; var totalInterestNew = totalCostNew – balance; var originationFeeAmount = balance * (origFeePercent / 100); var netCostNew = totalCostNew + originationFeeAmount; // Current Loan Remaining Cost var totalCostCurrent = currentPayment * monthsRemaining; // Savings var monthlySavings = currentPayment – newPayment; var totalSavings = totalCostCurrent – netCostNew; // Display Results document.getElementById("results").style.display = "block"; document.getElementById("resNewPayment").innerText = "$" + newPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("resMonthlySavings").innerText = "$" + monthlySavings.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("resFee").innerText = "$" + originationFeeAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("resNewInterest").innerText = "$" + totalInterestNew.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); var savingsEl = document.getElementById("resTotalSavings"); savingsEl.innerText = "$" + totalSavings.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); if (totalSavings < 0) { savingsEl.style.color = "#d93025"; } else { savingsEl.style.color = "#188038"; } // Smooth scroll to results document.getElementById("results").scrollIntoView({ behavior: 'smooth', block: 'nearest' }); }

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