It depends on your loan size, interest rate, and repayment terms. Here’s a couple of examples to illustrate the potential savings: For a loan balance of $12,000 with an initial interest rate of 8% and a repayment term of 10 years, a borrower could secure a new interest rate of 7%, but they would only save $751 over the course of the loan. With a loan balance of $50,000 and an initial interest rate of 9%, the borrower originally had a repayment term of 15 years. However, they managed to negotiate a new interest rate of 6.25% while keeping the repayment term unchanged at 15 years. This led to savings of $14,115.