How to use Loan Refinance Comparison

Enter the current balance, rate and remaining term.
Set replacement terms, fees and their payment treatment.
Compare monthly payments, total costs and balances at a common horizon.

Example: Loan Refinance Comparison

Loan Refinance Comparison: Horizon cost difference: 0.00 (current minus replacement).

You add

Current outstanding balance: 1200 Current nominal annual rate (%): 0 Current remaining months: 12 Replacement nominal annual rate (%): 0 Replacement term in months: 12 Total refinancing fees: 0 How fees are paid: upfront Compare after this many months: 12

You get

Horizon cost difference: 0.00 (current minus replacement). Measure Current loan Replacement loan Monthly payment 100.00 100.00 Initial loan principal 1200.00 1200.00 Upfront fees 0.00 0.00 Remaining term (months) 12 12 Full-term payments 1200.00 1200.00 Full-term interest 0.00 0.00 Payments through month 12 1200.00 1200.00 Outstanding after month 12 0.00 0.00 Horizon payments + outstanding + upfront fees 1200.00 1200.00 Current minus replacement horizon cost 0.00 Positive favors replacement in this model Fixed-rate monthly annuities with payments at month end. Calculations keep full precision; displayed amounts round to cents, without modeling lender payment rounding. A lower monthly payment can inc Monthly payment | 100.00 | 100.00 Initial loan principal | 1200.00 | 1200.00 Upfront fees | 0.00 | 0.00

Options

Fee treatment: Upfront fees are paid immediately. Financed fees increase the replacement loan balance and can also increase interest.
Comparison horizon: Compare both loans at the same month. The cost includes modeled payments, remaining balance and upfront fees.

Supported inputs and limits

Fixed-rate equal monthly annuities, with upfront or financed fees. Whole-cent amounts up to 1 trillion, annual rates 0–100%, terms and comparison horizon 1–1,200 months. Calculations retain decimal precision and round displayed money to cents. Horizon cost includes payments, outstanding balance and upfront fees. No taxes, insurance, changing rates or penalties beyond entered fees.

Where your input is processed

This tool processes your input in this browser. Your text and files are not uploaded to UseFreeTools. Check this tool's limits for anything it may save on your device.

A smaller payment can leave a larger balance

A longer replacement term may lower the payment while extending repayment. Compare balances and costs at your chosen horizon, not only the first monthly payment. Include fees you know about; taxes, insurance and other unentered charges are not estimated.

Questions about Loan Refinance Comparison

Why compare balances at the same horizon?

A longer replacement term may leave more debt at that date even when its monthly payment is lower.

How do financed fees differ from upfront fees?

Financed fees increase the replacement loan balance and can accrue interest. Upfront fees are paid outside its monthly schedule.

Is the result an approval or offer?

No. It compares the terms you enter without checking eligibility or contacting a lender.

Project manager: Tony Hines · Content updated 4 October 2026 · Report a problem