Auto Loan Refinance Calculator
Sketch what a replacement car loan could change: enter your balance, current payment and rate, then try a new rate and term.
Current and new auto loan
Remaining balance ($)iUse your best current estimate; lender and account terms control. | |
|---|---|
Current APR (%)iUse your best current estimate; lender and account terms control. | |
Current payment ($)iUse your best current estimate; lender and account terms control. | |
New APR (%)iUse your best current estimate; lender and account terms control. | |
New term (months)iUse your best current estimate; lender and account terms control. | |
Refinance fees ($)iUse your best current estimate; lender and account terms control. |
How to use this calculator
- Enter the payoff balance from your current lender.
- Use the payment you actually send now, then set a refinance rate and term.
- Review the new payment, amount financed, and model-based interest comparison.
Results explained
The headline is the new monthly principal-and-interest payment. Fees are treated as financed, so they raise both the new balance and payment; your actual payoff quote may include daily interest.
Quick reference: auto refinance
A lower rate does not always mean lower total cost if the term restarts.
| Item | Detail |
|---|---|
| New principal | Current payoff balance + financed fees |
| Payment | Amortizing payment at new APR and term |
| Interest comparison | Current-payment payoff simulation versus new term |
Taxes, title fees, GAP coverage, and any prepayment terms are outside this estimate.
How it’s built
The new payment uses the standard amortization formula. Current interest is simulated month by month from the current balance, APR, and stated payment.
Example
Refinancing an $18,000 balance from 8.25% to 6.25% for 60 months can lower the payment, but a longer new term can still increase total interest.
FAQ
Does refinancing reset my loan?
It replaces the old loan with a new term; compare total interest, not payment alone.
Can I pay extra later?
Usually, but verify that your lender applies extra money to principal.
Are refinance fees financed?
They can be paid in cash or included in the new loan. This calculator finances them.