Auto Refinance Calculator
Compares your current car payment to a refinanced one and shows the new monthly payment and how much you would save each month. Free and accurate.
- New payment
- 414.53
- Monthly savings
- 5.47
How to use
- Enter your current loan balance and current monthly payment.
- Enter the new annual interest rate and new term in months.
- Read the new monthly payment and your monthly savings.
Examples
- $18,000 at 5% / 48 mo:
new payment $414.53 - vs. $420 current:
saves $5.47 / month
FAQ
- How is the new payment calculated?
- Payment = P·r·(1+r)^n / ((1+r)^n − 1), where P is the current balance, r is the new monthly rate (annual ÷ 12 ÷ 100), and n is the new number of months.
- What is monthly savings?
- Your current monthly payment minus the new refinanced payment. A positive number means the refinance lowers your payment.
- Does a longer term always save money?
- A longer term can lower the monthly payment, but it may increase the total interest paid over the life of the loan.