Refinancing Calculator Student Loans

FICO Score

The FICO score consists of three elements – payment history, amount owed, and credit utilization ratio (CVR). Your FICO score shows how likely you are to repay your loan, and is based on information gathered over time and across multiple accounts. You are given a specific number based on these factors, and the higher the score, the lower the risk of default. According to Experian, the average FICO score is 699.

APR

Your interest rate (APR) may vary depending on the terms and conditions of your loan. If you have a fixed-rate loan, then your interest rate will remain constant throughout the term. On the other hand, if you take out an adjustable-rate mortgage (ARM), your interest rate could adjust after 15 or 30 years. Your lender will also charge you closing costs.

Loan Purpose

Loan purpose refers to the reason why you need to borrow money, especially for student loans. For example, you may want to finance school tuition or pay off existing debts.

Length of Term

Term length refers to the number of months you intend to repay your loan. A shorter term means paying back your debt faster, while a longer term gives you more flexibility.

EMI & Interest Rate

EMI stands for ‘Equated Monthly Instalment’. This is the total amount of interest paid over the course of a year. Depending on your EMI, your monthly installment could range anywhere between Rs. 5,000 to Rs. 13,500. The lower your EMI is, the lesser is the amount of interest charged per month. However, a high EMI indicates a high interest rate.

Total Amount Borrowed

The sum total of all the principal borrowed divided by the interest rates multiplied by 12 equals your total amount borrowed.

Annual Percentage Rate (APR)

This refers to the yearly rate at which interest is calculated. This figure appears on your statement and is expressed as a percentage. For example, if your APR is 10%, your monthly payments would increase by 1% each month.

Refinancing Calculator Student Loans

Refinancing your student loans could save you money, including thousands in tax benefits. Use our calculator to figure out if refinancing makes sense. Calculate Your Refinance Options

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Refinancing Calculator Student Loans

How I refinanced my student loans using Lending Club! In this video we get two private lenders who want to loan us their money for free! Then I go back over our calculations and give them the final number! Keep reading and watching for details! Stay tuned for more awesome videos!

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Refinancing Calculator Student Loans

Calculate your monthly payment using the following information: Loan Amount; Number of months; Interest rate; Payoff amount.

Calculate your total interest savings by subtracting the previous month’s payment from the current payment.

Subtract the total interest savings from the payoff amount to determine how much money you will save in the long run if you refinance.

Refinancing Calculator Student Loans

How much do I owe?

Enter how much you owe on each loan and click Calculate.

What’s my interest rate?

You’ll want to enter your current interest rate and use the calculator to find out what refinancing your student loans at no cost might earn you. You could save thousands!

Do I qualify for the lowest possible amount?

If you have private student loans, they may not be eligible for the best rates. Use our Refinancing Calculator to compare the different types of repayment options and determine if refinancing would make sense for you.

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