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Personal Loan Refinance Calculator

See whether refinancing your personal loan will save you money by comparing your current loan against a new offer.

Quick answer: Compare an existing personal loan with a new refinance offer after rate, term, and fees. Enter Current Balance, Current APR, Months Remaining, and New APR to personalize the estimate. It returns New Payment, Current Payment, and Monthly Savings so you can compare the impact before choosing a next step. Use it to compare payment, APR, total cost, credit impact, and lender or card tradeoffs.

SWReviewed by SwitchWize Research Desk · Last reviewed June 23, 2026
New Payment
$381
New Payment
$381
Current Payment
$410
Monthly Savings
$29
Lifetime Savings
$1,399
Diagnostic

Your headline result is ready above.

Use this number to compare options and decide the next action.

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What to do next

Plan your next move

Your action plan
  1. 1

    Compare the leading option against your current setup

    Compare an existing personal loan with a new refinance offer after rate, term, and fees.

  2. 2

    Pressure-test one alternate scenario before deciding

    Assumptions change the answer, especially when rates, taxes, or timing matter.

  3. 3

    Save the result to Money Map or use the linked next action

    Turn the result into a prioritized action instead of treating it as a one-off number.

Plan your next move

This is an educational estimate, not tax, legal, investment, or lending advice. Tax rules, rates, and eligibility change and depend on your full situation. Confirm with a qualified professional or the provider before acting.

Calculator action path

Turn this result into a decision

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Frequently Asked Questions

Everything you need to know.

What does an example Personal Loan Refinance Calculator calculation look like?
Using this calculator's own default assumptions, a current balance of $15,000, current apr of 14% and months remaining of 48 produces an estimated new payment of $381 and current payment of $410. Enter your own numbers above to see how it changes for your situation.
Should I choose a shorter or longer term when refinancing?
A shorter term means higher monthly payments but you pay less total interest and finish the loan sooner. A longer term lowers your monthly payment but increases the total amount of interest you pay over time. Choose based on whether you prioritize lower monthly cash flow or minimizing lifetime interest cost.
Why does the refinance fee matter if I'm saving money each month?
The upfront fee reduces your net savings because you must recoup it through monthly savings before you actually come out ahead. If your monthly savings are small, it may take a long time to recover the fee cost, making refinancing less attractive overall.
Is the Personal Loan Refinance Calculator free to use?
Yes. SwitchWize calculators are free, and you do not need an account to run scenarios or view the result.
Does using the Personal Loan Refinance Calculator affect my credit score?
No. Using a calculator does not trigger a credit check. A credit impact can occur only if you apply directly with a lender, card issuer, or provider.
Are the results personalized financial advice?
No. Calculator outputs are educational estimates based on the inputs you enter. Review assumptions and confirm terms directly with providers before making a financial decision.
What should I do after seeing the result?
Use the recommendation module on this page to plan your next move, or run Money Map to compare this loans & credit decision with your other opportunities.
How does SwitchWize choose related offers?
Related offers are matched by the calculator surface (loans) and ranked using SwitchWize data such as rate, fees, trust signals, product fit, and switching friction. Paid relationships do not change organic ranking order.
How fresh are the rates and offers shown?
Rate and offer data is reviewed on a recurring cadence and every offer module shows review context or links to the methodology and disclosure pages.
Where can I see the ranking methodology?
The SwitchWize methodology page explains how rate freshness, editorial review, affiliate disclosure, and category ranking factors work.
Can Money Map use this result?
Yes. Money Map is the broader diagnostic path: it compares savings, mortgage, cards, and debt so you can see whether this calculator result is your highest-impact next move.

Why This Matters

Refinancing can lower your monthly payment or reduce the total interest you pay over the life of the loan, but only if the new rate and terms outweigh the refinance fee. Understanding this trade-off helps you decide whether refinancing is worth the upfront cost and whether a shorter or longer new term aligns with your financial goals.

How to Use It

  1. 1Enter your current loan balance.
  2. 2Enter your current annual percentage rate (APR).
  3. 3Enter how many months remain on your current loan.
  4. 4Enter the APR the lender is offering for refinancing.
  5. 5Enter the length of the new loan in months.
  6. 6Enter any upfront refinance fee the lender charges.
  7. 7Review your current monthly payment, new monthly payment, monthly savings, and total lifetime savings to decide if refinancing makes sense for you.
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