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Auto Refinance Interest Savings Calculator

How much interest can you save if you refinance your auto loan? This calculator helps you find out! Enter the specifics about your current loan and determine how much interest refinancing can save you. In addition, it will calculate the number of months to break even on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.

Auto Refinance Interest Savings Calculator Definitions

Original loan amount
Total amount for your original loan.
Original rate
Annual percentage rate of your original loan.
Original term
The total number of months for your original loan.
Number of payments made
The total number of payments you have made on your original loan.
Current payment
Current monthly principal and interest payment.
New rate
Annual percentage rate of your new loan.
New term
The total number of months for your new loan.
New loan balance
Total amount for your new refinanced loan. This amount is equal to your current balance on your original loan. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new loan balance.
Closing costs
Total fees and other costs associated with the new loan and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new loan (closing costs are not added to the total for your new loan amount).
New payment
New monthly principal and interest payment.