Refinance break-even calculator
Enter what is left on your loan and the new offer. The calculator shows the new payment, the fee, the month the savings cover it, and the saving (or cost) over the whole remaining life.
Your loan now
$500 to $100,000.
0% to 60%.
3 to 120.
The new offer
0% to 36%.
6 to 120.
0% to 12%, taken from the loan.
The trade
- Current payment
- —
- New loan amount with the fee
- —
- New payment
- —
- Fee pays back in
- —
- Saving over the remaining life
- —
Ask lenders for a refinance offer
Five quick answers and your contact details. TrustCedar passes the request to lenders and loan brokers; compare the APRs that come back against the rate board, and say no to any of them.
- 1 The amount, the purpose, your credit range, your timing and ZIP code.
- 2 Your name, phone, email and consent to be contacted.
- 3 A lender or loan broker may reply with an offer. No loan exists until you sign one.
You pay TrustCedar nothing. The lenders and loan brokers who contact you set their own rates, fees and terms, and decide on credit themselves. How we make money.
How the calculator works
Your current payment is worked out from the balance, the APR and the payments left, as if the loan started today. The new loan must cover the balance after its origination fee comes out, so it is balance ÷ (1 − fee). The fee pays back in the first month when the monthly savings add up to it. The saving over the remaining life compares everything left to pay on each loan, so a longer new term can lower the payment and still cost more.
A worked example
$10,000 left over 36 months at 18% costs $361.52 a month. A new 36-month loan at 12% with a 3% fee is $10,309.28 and costs $342.42 a month. The fee of $309.28 is paid back in month 17, and the refinance saves about $688 in all. Stretch the same refinance to 60 months and the payment drops to $229.32, but the saving over the life becomes a cost of $745. More on when this works: refinancing a personal loan.