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To accurately compare multiple current loans, calculate the weighted interest rate based on outstanding principal balances.
Weighted Rate = Sum of (Individual Loan Balance × Individual Rate) ÷ Total Loan BalanceCompares your current combined monthly payments against the estimated payment of the new refinanced loan.
Monthly Savings = Current Payment - Refinanced PaymentCompares the remaining interest on your current timeline to the total interest on the refinanced loan to find your long-term savings.
Total Interest Savings = Remaining Current Interest - Refinanced Loan InterestUpdated: July 2026
Refinancing a combined $60,000 balance at an 8.5% weighted rate down to a 5.5% rate under a 10-year term.
→ Saves ~$95/month; Total interest savings: ~$11,400
Refinancing $45,000 at 7.0% (with 8 years left) into a 5-year loan at 4.8% rate.
→ Monthly payment increases slightly by ~$40, but total interest savings: ~$8,200
Refinancing $50,000 at 7.5% (with 6 years left) into a 10-year loan at 6.0% rate.
→ Reduces monthly payment by ~$300, though total interest increases by ~$2,100
Refinancing replaces your existing student loans with a new private loan at a lower interest rate or different term. This calculator compares your current payments to refinance quotes to see your instant monthly savings and long-term interest reductions.