Complete Guide to Auto Loans in 2026
Rates, terms, refinancing and how to get the best deal.
Read guide →Student Loan Refinance Calculator
Savings and break-even point.
🔄 Student Loan Refinance Calculator
New monthly payment
Lifetime savings
Monthly change:
How to Use
- Enter your current balance and current rate.
- Enter the years left on your current loan.
- Enter the new rate and new term a lender offered.
- Review your monthly change and lifetime savings.
Calculation Method
We amortize the same balance under your current terms and the new terms, then compare. Lifetime savings = (old monthly × old months) − (new monthly × new months). A longer new term can lower the monthly payment yet increase total cost.
Examples
$40,000 from 7.5% → 5.2%, 10-year
Monthly drops by roughly $90 and lifetime savings come to about $10,800.
Frequently Asked Questions
Refinancing federal loans into a private loan can lower your rate but permanently gives up federal protections like income-driven plans and forgiveness.
If there are no fees, refinancing to a lower rate saves money immediately. Always confirm there are no origination or prepayment fees.
Usually yes. Even at a lower rate, stretching the term can raise the total interest you pay over the life of the loan.
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Read guide →Disclaimer
Calculations are estimates based on the information you provide. Actual loan terms, rates, and payments vary by lender, credit score, and other factors. SmartLoanCalcs is not a lender and this is not a loan offer. We are not responsible for decisions made based on these calculations — consider consulting a licensed lender or financial advisor.
Last updated: May 24, 2026