Auto Refinance Interest Savings

Calculate how much interest you can save by refinancing your auto loan at a lower rate.

  • Methods explained
  • Save scenarios
  • Compare saved scenarios

Current Loan

$
%
48 months

New Loan

%
48 months
$

Refinance Comparison

Current Loan

Monthly Payment$493
Total Remaining$23,662

Refinanced Loan

Monthly Payment$471
Total Payments$22,605
Monthly Savings$22
Break-Even Point1
Total Savings$1,057

Refinancing is recommended - you will save money!

How it works›

Model and assumptions. Calculates the financed amount after the entered price adjustments, down payment, trade equity and fees, then projects monthly interest and principal. Extra payments reduce principal and later interest. Taxes, payoff quotes, payment dates and lender-specific charges should be entered explicitly.OpenStax: annuity formulasCFPB: auto loan guide