Interest Savings Calculator

Use our free interest savings calculator to compare two different APRs on the same balance. See exactly how much interest you save by refinancing or switching to a lower-rate loan.

Financial

Currency

Loan / Card Balance

Current APR (%)

New APR (%)

Monthly Payment

Formula

See how much you can save by refinancing your loan or transferring credit card debt to a lower-interest option. This calculator compares total interest paid under both scenarios.

Interest savings = Total interest at current APR - Total interest at new APR

Percentage: The percentage value you want to apply

Number: The original number or value

Result: The calculated result

How It Works

1Enter your current balance and the APR you are paying.
2Enter the new APR you could get through refinancing or a balance transfer.
3Enter your planned monthly payment amount.
4The calculator shows total interest under each scenario and your savings.

Examples

$10,000 at 20% APR vs 10% APR with $300/mo payments

1.At 20%: ~$7,500 total interest
2.At 10%: ~$3,300 total interest
3.Savings: ~$4,200

Result: $4,200 interest saved

Frequently Asked Questions

Savings depend on your balance, current rate, new rate, and payment amount. Even a few percentage points can save thousands over the life of a loan.

Yes, there may be origination fees, closing costs, or balance transfer fees. Factor these in when calculating your true savings.

Applying for new credit may cause a small temporary dip, but paying down debt faster can improve your score over time.

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APR Comparison Calculator Balance Transfer Calculator Credit Card Payoff Calculator Tip Calculator Discount Calculator Loan Calculator

When to Refinance

CalculateMe Team

Last updated: 2026-07-17

Frequently Asked Questions

Savings depend on your balance, current rate, new rate, and payment amount. Even a few percentage points can save thousands over the life of a loan.

Yes, there may be origination fees, closing costs, or balance transfer fees. Factor these in when calculating your true savings.

Applying for new credit may cause a small temporary dip, but paying down debt faster can improve your score over time.

Interest Savings Calculator

Formula

How It Works

Examples

$10,000 at 20% APR vs 10% APR with $300/mo payments

Frequently Asked Questions

How much can I save by refinancing?

Are there costs to refinancing?

Does refinancing affect my credit score?

Related Calculators

Related Articles

Interest Savings Calculator

Formula

How It Works

Examples

$10,000 at 20% APR vs 10% APR with $300/mo payments

Frequently Asked Questions

How much can I save by refinancing?

Are there costs to refinancing?

Does refinancing affect my credit score?

Related Calculators

Related Articles