Cernarus

Personal Loan Refinance Calculator

This calculator helps you compare an existing personal loan to a refinance offer and shows the effects of switching between monthly and bi‑weekly payments. It reports payment amounts, total interest paid, estimated interest savings, and term differences for both schedules.

Use the refinance comparison when you want a side‑by‑side view of current vs refinance under monthly and bi‑weekly frequency. Use the bi‑weekly impact method to evaluate how changing the payment cadence on a single loan affects interest and payoff timing.

Updated Nov 14, 2025

Compare current loan and refinance offer across both monthly and bi‑weekly schedules, showing payments, total interest paid, and interest savings.

Inputs

Results

Updates as you type

Current monthly payment

$198.01

Current bi‑weekly payment

$91.27

Refinance monthly payment

$188.71

Refinance bi‑weekly payment

$87.01

Current total interest (monthly)

$1,880.72

Refinance total interest (monthly)

$1,322.74

Interest savings (monthly)

$557.98

Current total interest (bi‑weekly)

$1,865.19

Refinance total interest (bi‑weekly)

$1,311.59

Interest savings (bi‑weekly)

$553.60

Term difference (months, monthly)

0

OutputValueUnit
Current monthly payment$198.01USD
Current bi‑weekly payment$91.27USD
Refinance monthly payment$188.71USD
Refinance bi‑weekly payment$87.01USD
Current total interest (monthly)$1,880.72USD
Refinance total interest (monthly)$1,322.74USD
Interest savings (monthly)$557.98USD
Current total interest (bi‑weekly)$1,865.19USD
Refinance total interest (bi‑weekly)$1,311.59USD
Interest savings (bi‑weekly)$553.60USD
Term difference (months, monthly)0months
Primary result$198.01

Visualization

Methodology

Payments are computed using standard amortizing loan formulas. For a payment period rate r and number of periods n, payment = (r * principal) / (1 - (1 + r)^(-n)). Annual rates are converted to period rates by dividing by 12 for monthly schedules and 26 for bi‑weekly schedules.

Total interest paid is computed as total payments (payment × number of periods) minus the principal (or effective principal when fees are added). Interest savings are the difference in total interest between scenarios. Calculations assume fixed interest rates and that payments are made on schedule with no prepayments unless reflected in inputs.

Key takeaways

This advanced calculator produces comparable outputs for monthly and bi‑weekly schedules and for current versus refinance offers. Use it to quantify payment differences, estimated interest savings, and term differences.

For regulatory or contract precision, rely on official lender disclosures (including APR and amortization schedules). This tool is for planning and comparative use only.

Further resources

External guidance

Expert Q&A

Does dividing a monthly payment by two give the correct bi‑weekly payment?

No. A true bi‑weekly schedule uses 26 payments per year and a per‑period interest rate based on 26 periods annually. Simply halving the monthly payment is an approximation and can misstate interest and payoff timing.

Are closing costs included in the refinance principal?

This tool includes a field for refinance fees. If you add fees, they are added to the refinance principal for calculation. Consider whether fees are financed or paid up front when interpreting results.

What should I watch for when comparing offers?

Compare effective principal (including financed fees), the annual percentage rate (APR) where available, the total interest over the term, and any prepayment penalties or differences in term length. This calculator assumes fixed nominal rates and does not model APR adjustments, fees outside financed principal, or lender‑specific terms.

How accurate are the results?

Results use standard amortization math. They are suitable for estimates and decision support but not a substitute for lender disclosures. See the accuracy caveats and standards references provided.

Sources & citations