Calculator
Auto Loan Refinance Calculator
This tool compares your current car loan with a refinance offer. It shows both payments, the interest before and after, how long the fees take to recover, and the net lifetime savings after accounting for the term.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: AutoLoanable may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
Refinancing replaces your current car loan with a new one, usually to change the rate or the term. This tool compares the two.
Current payment = B × rc ÷ (1 − (1 + rc)^-r), and new payment = B × rn ÷ (1 − (1 + rn)^-m)
- B — the balance you still owe
- rc — your current monthly rate, the annual rate divided by 1,200
- rn — the new monthly rate, the annual rate divided by 1,200
- r — months remaining on the current loan
- m — months on the new loan
Break-even is the fees divided by the monthly savings. Net lifetime savings compares total interest before and after and subtracts the fees. If the new term is longer, the payment falls but the balance is spread over more months, so compare the lifetime figure. Enter the rate and fees from your own offer.
What changes your result
Only a few inputs move the number materially. In rough order of impact:
| Input | Effect on the payment | Effect on total cost |
|---|---|---|
| Amount financed | Directly proportional | Directly proportional |
| Interest rate / APR | Directly proportional | Directly proportional |
| Term (months) | Lower payment when longer | Higher total interest when longer |
| Down payment | Lowers the payment | Lowers total interest |
| Trade-in equity | Lowers the amount financed | Lowers total interest |
| Sales tax and fees | Raises the amount financed | Raises total cost |
Enter the rate you were actually offered. This site is not a lender and does not publish rates — a quoted rate is only meaningful next to the term and the amount financed.