Auto Loan Refinance Calculator
Refinancing a car loan replaces your current loan with a new one, usually to get a lower rate or a payment that fits better. This calculator compares the two: your remaining balance on today’s terms against a new loan, and shows the monthly saving and the change in total interest.
It flags the catch buyers miss — stretching the term can lower the payment while raising the total interest you pay. Both numbers are shown so a lower payment that costs more over time does not look like a win.
Calculator
You could save
$1,487
$30.98/mo lower payment
New payment
$521.73
Current payment
$552.71
Interest change
−$1,487
Calculation Formulas
P is the amount financed, r is the monthly rate (APR ÷ 12), and n is the term in months. This is the standard fixed-rate loan formula U.S. lenders use.
How long the monthly saving takes to repay any refinancing fees.
Key Figures
| Figure | Value | Description |
|---|---|---|
| Watch the term | Longer term ↓ payment, ↑ interest | A lower payment from a longer term can increase total interest; both figures are shown. |
Note: Results are estimates for planning purposes. Rates, fees, taxes, and insurance vary by lender and location — confirm exact figures with a licensed professional before making financial decisions.
Standards & Sources
Last verified: November 2026
- Truth in Lending Act (TILA)
Compare the APR and total cost of the new loan against your current loan, not just the monthly payment.
How to use this calculator
- Enter your current loan balance, APR, and the number of payments left.
- Enter the new APR and term you have been offered.
- Add any refinancing fees so the break-even is honest.
- Read your monthly savings, total-interest change, and break-even point.
Frequently Asked Questions
Is it worth refinancing my car loan?
It can be if you can get a meaningfully lower APR, your credit has improved, or rates have fallen. The calculator shows the monthly saving and whether the total interest actually drops.
Does refinancing a car hurt my credit?
The rate-shopping credit check causes a small, temporary dip. Multiple checks within a short window are usually treated as one for scoring purposes.
Can refinancing cost me more even with a lower payment?
Yes. If you extend the term, the payment can fall while the total interest rises. The calculator shows the total-interest change so a lower payment that costs more is obvious.
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