See what switching could do to your repayment and your total cost.
A refinance calculator compares what you still owe on your current equipment or business loan with a new rate and term. It shows the change in your repayment and in the total you will pay, including fees, so a lower repayment on a longer term is not mistaken for a saving.
Example figures are filled in. Replace them with your own.
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Estimate only and not a quote or offer of finance. Actual rates and repayments depend on the lender, the asset and your situation. Subject to lender criteria.
This calculator is for equipment and business loans. It is general information, not financial advice, and it assumes equal monthly repayments at a fixed rate with the repayment unchanged until the loan is cleared. It does not include tax effects, balloon or residual payments, or lender-specific conditions. A longer term can lower the repayment and raise the total cost. Speak with a loan-o specialist about your own situation, and with your accountant about tax.
You enter what you still owe, your current rate and your current monthly repayment. The calculator works out how long that repayment will take to clear the balance, then compares it with a new rate and term you choose, including any fees to switch.
No. A lower rate can save money, but a longer term can lower the repayment while raising the total cost, and fees can outweigh a small rate saving. Compare the total cost, not only the monthly repayment.
Include any exit or early repayment fee on your current loan and any establishment or account fees on the new one. Your contract and the new lender's quote will show them. Leave the box at zero if there are none.
Your repayment and rate together show how much of the loan is left. If the repayment is too low to cover the monthly interest, the loan would never clear, so the calculator asks you to check the figures.
No. It is an estimate only and not a quote or offer of finance. The new rate you enter is your own figure, not a loan-o rate. Actual rates and repayments depend on the lender, the asset and your situation.