Auto Loan Refinance Calculator
See whether refinancing your car loan pays off: new monthly payment, monthly savings, break-even on fees, and total savings. Runs in your browser.
Refinance analysis
- New monthly payment
- $465.13
- Monthly change
- −$94.87/mo
- Break-even on fees
- 3 months
- Old payoff cost (remaining)
- $22,400.00
- New payoff cost (incl. fees)
- $22,526.22
- Total savings
- -$126.22
Break-even = refi fees ÷ monthly savings. Watch the term: a longer new term lowers the monthly payment but can raise total interest even at a lower rate, so check the total-savings line, not just the monthly. Informational, not a loan offer.
About this tool
Refinancing a car loan replaces your current loan with a new one — ideally at a lower rate — but it only pays off if the savings beat the cost. This calculator compares the two. From your current payoff balance, monthly payment, and months remaining, and the new loan's APR, term, and any fees, it computes the new monthly payment, your monthly savings, the break-even point (how many months of savings it takes to recoup the refinance fees), and the total savings over the life of the loan. The break-even tells you whether refinancing is worth it if you might sell or pay off the car soon. The crucial trap it surfaces: stretching to a longer new term lowers the monthly payment and can look like a win, yet you may pay more total interest even at a lower rate — so the tool shows total payoff cost both ways, not just the monthly. Compare the total-savings line to judge the real benefit. It is informational, not a loan offer. Everything runs in your browser.
How to use it
- Enter your current payoff balance, monthly payment, and months remaining.
- Enter the new loan's APR, term, and any refinance fees.
- Read the new payment, monthly savings, and break-even months.
- Check the total-savings line — a longer term can erase the benefit.
Frequently asked questions
- How is the break-even calculated?
- Refinance fees ÷ monthly savings. If fees are $200 and you save $40 a month, you break even in 5 months — after that, the savings are real. If you might sell or pay off before break-even, refinancing may not be worth it.
- Can a lower rate still cost me more?
- Yes — if the new term is longer. A lower APR over many more months can mean more total interest even though each payment is smaller. That is why the tool compares total payoff cost, not just the monthly payment.
- When is refinancing a car worth it?
- Generally when rates have dropped or your credit has improved since you bought, you have meaningful time left on the loan, and the break-even is well before you plan to pay it off. Minimal or no fees make it easier to come out ahead.
- What fees are involved in auto refinancing?
- Often modest — a new title/registration or lien fee, sometimes a small lender fee — and some lenders charge none. Check for any prepayment penalty on your current loan, which would offset the savings.
- Should I keep the same term when refinancing?
- Matching the remaining term (or shorter) at a lower rate maximizes interest savings. Extending the term to lower the payment is a cash-flow choice that usually costs more overall — use the total-savings figure to decide.
- Is this a loan offer?
- No. It is an informational estimate; actual terms depend on the lender, your credit, and the vehicle.