Should You Refinance Your Personal Loan?
APR against APR, term against term — and the total cost of each.
This page is for anyone holding a personal or consolidation loan and wondering whether a better offer is worth the switch. Enter your balance, APR, and remaining months, then the offer's rate, term, and fees. You will see the new payment, the monthly saving, the month the costs are recovered, and what each path costs in total over the life of the loan.
Run My First AnalysisWhen is refinancing a personal loan worth it?
Personal loans are usually short and often carry an origination fee taken out of the balance, so a rate improvement has less time to earn back its costs than the same improvement on a mortgage would. That does not make it a bad move — it makes the fee worth checking. The question worth asking is the one the headline rate never answers: does the monthly saving recover the cost of switching before the loan ends, and is the total you pay actually smaller? A longer term will always make the monthly number look better. RefiFastCalc puts the lifetime cost next to it, so you can see the trade you are being offered rather than only the half of it that is being advertised.
What you enter
• Current balance
• Current rate (APR)
• Months left on the loan
• New rate (APR)
• New term
• Closing & lender costs
What you get back
• Monthly savings
• Costs recovered in
• Total refi cost
• Lifetime cost difference
• Debt-free in
How the math works
The calculator compares your current loan against the offer you are considering. Monthly savings is your current payment minus the new payment. Break-even is your total refinance cost divided by that monthly saving, rounded up to the next whole month.
Read the full methodologyRefinance a different kind of loan
Educational information, not financial, legal, or lending advice. RefiFastCalc is not a lender, broker, or loan originator; rates and approvals come only from licensed lenders.