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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.
Disclaimer: Swoop Funding LLC (“Swoop”) is a financial technology platform and commercial finance broker, not a lender. Swoop does not provide loans or make credit decisions. We match US-based firms with third-party lenders, equity funds, and grant agencies. All financing is subject to lender credit approval and the specific terms and conditions of the funding provider.
Broker Compensation Disclosure: Swoop provides its platform and matching services to applicants at no direct cost. We receive compensation in the form of a commission or referral fee from the finance providers in our network upon successful placement. This compensation may vary by provider and product. In certain instances, the commission paid to Swoop may influence the interest rate or terms offered by the lender, which can affect the total amount payable under your agreement.
Credit Authorization & FCRA Notice: By submitting an application or registering an account, you provide “written instructions” to Swoop under the Fair Credit Reporting Act (FCRA) to obtain your personal and/or business credit profile from consumer reporting agencies. This information is used solely to evaluate your eligibility for financing and to match you with appropriate lenders in our network.
State-Specific Disclosures:
Florida & Utah: Swoop complies with state commercial financing disclosure laws regarding the transparency of terms for non-real estate secured commercial transactions.
Entity Information: Swoop Funding LLC is a Delaware limited liability company. US Headquarters: 43 W 23rd St, New York, NY 10010, United States. Contact: hello@swoopfunding.com
General Terms: Applicants must be 18 years of age or older. All firms must be registered and operating within the United States. SBA loans are issued by private lenders and guaranteed by the U.S. Small Business Administration; Swoop is not a government agency. Please review our Terms of Use and Privacy Policy for full details.
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