Cut Your Loan Costs Calculator
This calculator shows how to cut the total cost of your existing loan. Overpaying by just £50/month or refinancing at a rate 2% lower can save hundreds or thousands over the remaining term.
Cut Existing Loan Costs
Find out how much you could save by refinancing your existing loan at a lower rate.
Enter your current loan balance, APR, remaining term, and the new rate you could access. The calculator compares total cost on the existing loan versus refinancing. Key costs to include are any early repayment charge on the current loan (often 1-2 months’ interest) and any arrangement fee on the new loan. Check that savings are genuine once these costs are factored in — a lower rate with a £500 fee may not be cheaper than your existing loan over the remaining term. The refinance benefit is largest in the early months of a loan when the outstanding balance is highest. Late in a loan term, the remaining interest is small and refinancing savings are minimal.