Auto Loan Refinance Calculator

1. Enter the current payoff balance, current apr, months remaining, new apr and new term.
2. Optionally add refinance fees paid upfront — leave blank to skip.
3. Read the highlighted result first, then the breakdown below it. Load the worked example to check the math by hand.

Both loans are standard amortizing loans on the same balance. The comparison is total remaining payments on the current loan versus total payments on the new loan plus upfront fees.

• Payment = P × r ÷ (1 − (1 + r)^−n), r = APR ÷ 12
• Net savings = current payment × months left − (new payment × new term + fees)
• Break-even months = fees ÷ monthly payment savings

Net savings compares every remaining dollar on both paths, including fees. A lower payment alone does not mean the refinance saves money.

Common mistakes and assumptions

• Using the statement balance instead of a payoff quote.
• Extending the term and only comparing payments.
• Leaving out title and lender fees.

$22,000 left at 9.5% for 48 months, refinanced to 6.5% for 48 months with $250 in fees.

1. 1Current payment ≈ $552.71; total remaining ≈ $26,530.
2. 2New payment ≈ $521.73; total ≈ $25,043 + $250 fees.
3. 3Net savings ≈ $1,237, and the ≈ $31 monthly saving covers the fees in about 9 months.

When is it worth refinancing a car loan?

When the rate drop saves more than the fees over the time you’ll keep the loan, without stretching the term so far that total interest rises.

Does a longer term save money?

It lowers the payment, but you pay interest for more months. Compare total interest, not just the payment.

Can I refinance if I owe more than the car is worth?

Some lenders allow it, but negative equity often limits approval or rate. The Negative Equity Auto Loan Calculator shows how much you’re upside down.

Where do I find my payoff balance?

Request a payoff quote from your lender; it includes interest accrued to the payoff date and differs slightly from the statement balance.