Loan Refinancing Cost Comparison
Compare keeping a loan with refinancing using both cash payments and remaining debt at the same horizon.
YOUR CALCULATION
Result
—
Calculation steps
Work through one step at a time or reveal the complete calculation. The steps use your current inputs.
How to calculate
Compute fixed monthly payments and remaining amortizing balances for both loans. Compare cash paid plus outstanding debt at one common month.
Horizon financing burden=upfront fees+payments through horizon+remaining principal
Worked example
For 1200 principal at zero interest, an old 12-month term and new 24-month term, payments fall from 100 to 50; after month 12, the new loan still has 600 debt. With zero fees the cash-plus-debt totals are equal.
Assumptions and input details
Nominal annual rates divided by 12, end-month payments, fixed rates, no prepayments or penalties unless included in fees. Comparison horizon 1–600 months; paid-off loans remain at zero balance. Fees financed in principal incur interest. Cash-plus-debt is undiscounted and excludes tax, opportunity cost, security terms and eligibility. A smaller payment alone is not a cost saving. No live market data or national tax rules are inferred. Enter consistent amounts in one currency unless explicitly stated otherwise.
References: CFPB: refinancing costs
Using this calculator
Can I enter my own problem?
Yes. Replace the example values with your own inputs. The result, calculation steps, tables and applicable diagrams update from those inputs. Blank or invalid values clear the result; example values are never silently substituted for missing inputs.
Are the results exact?
Results use floating-point arithmetic and displayed rounding. Read the formula, assumptions and any stated data precision before interpreting the result.
Is my input uploaded?
The calculation runs in your browser. No account, file upload or external AI service is required. Inputs are not saved between page reloads.
Calculate a fixed-rate monthly loan payment and repayment schedule. Compare extra principal payments, total interest and a separately paid upfront fee.
Compare add-on flat interest with the effective annual borrowing cost implied by monthly repayments and a deducted fee.
Convert an amount using automatic reference rates or your own exchange rate. Explore a conversion table and rate scenarios.
Reserved advertising space.