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NARefinance calculator
Our loan refinance calculator helps you estimate the potential savings and costs associated with refinancing your existing loan.
Our loan refinance calculator helps you estimate the potential savings and costs associated with refinancing your existing loan.
This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.
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Borrow £Calculating loan refinance costs involves several factors:
Application Fees: Some lenders charge an application or origination fee when you apply for a new loan. This fee can vary widely depending on the lender and the type of loan.
Closing Costs: Similar to when you initially obtained your business loan, refinancing typically involves closing costs. These may include fees for appraisal, title search, attorney services, and other administrative expenses.
Prepayment Penalties: Check if your current loan carries any prepayment penalties for paying off the loan early. If so, factor in these costs when calculating the total cost of refinancing.
Interest Rate: The new interest rate on your refinanced loan will determine your monthly payments and the total interest you’ll pay over the life of the loan. A lower interest rate can lead to significant savings over time.
Loan Term: Consider whether you’re extending or shortening the term of your loan. While a shorter term can save you money on interest in the long run, it may also result in higher monthly payments.
To calculate the total cost of refinancing, add up all the fees and costs associated with obtaining the new loan. Then, compare this figure with the potential savings you’ll achieve through lower monthly payments and reduced interest over the life of the loan. This will help you determine whether refinancing is a financially prudent decision for your situation.
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Swoop Finance Limited helps UK firms access business finance by working directly with businesses and their trusted advisors. We act as a credit broker, not a lender, and do not provide loans or finance products ourselves. We introduce applicants to a panel of lenders, equity funds, and grant agencies based on individual circumstances and creditworthiness.
Commission Disclosure: We typically receive a commission from the finance provider (either a fixed fee or a fixed percentage of the amount you receive) upon successful placement. Different providers pay different rates. For certain lenders, we may have influence over the interest rate, which can impact the total amount payable under your agreement.
Regulatory Information:
FCA: Authorised and regulated by the Financial Conduct Authority as a credit broker (FRN: 936513) and registered as an Account Information Services Provider (Ref: 833145).
ICO: Registered with the Information Commissioner’s Office (Ref: ZA600162); registration can be verified at ico.org.uk.
Company Details: Registered in England & Wales with Companies House (No. 11163382). Registered Address: The Stable Yard, Vicarage Road, Stony Stratford, Milton Keynes, MK11 1BN. VAT Number: 300080279.
Terms: All finance and quotes are subject to status, income, and terms and conditions. Applicants must be aged 18 or over. Guarantees and indemnities may be required. Please refer to our terms and conditions and our complaints procedure for further details.
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