Auto Refinance Calculator
See how much an auto loan refinance saves you each month and over the remaining term.
Inputs
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $521.73 | $402.56 | $119.17 | $21,597.44 |
| 2 | $521.73 | $404.74 | $116.99 | $21,192.69 |
| 3 | $521.73 | $406.94 | $114.79 | $20,785.76 |
| 4 | $521.73 | $409.14 | $112.59 | $20,376.62 |
| 5 | $521.73 | $411.36 | $110.37 | $19,965.26 |
| 6 | $521.73 | $413.58 | $108.15 | $19,551.68 |
| 7 | $521.73 | $415.82 | $105.90 | $19,135.86 |
| 8 | $521.73 | $418.08 | $103.65 | $18,717.78 |
| 9 | $521.73 | $420.34 | $101.39 | $18,297.44 |
| 10 | $521.73 | $422.62 | $99.11 | $17,874.82 |
| 11 | $521.73 | $424.91 | $96.82 | $17,449.91 |
| 12 | $521.73 | $427.21 | $94.52 | $17,022.71 |
| 13 | $521.73 | $429.52 | $92.21 | $16,593.18 |
| 14 | $521.73 | $431.85 | $89.88 | $16,161.33 |
| 15 | $521.73 | $434.19 | $87.54 | $15,727.15 |
| 16 | $521.73 | $436.54 | $85.19 | $15,290.61 |
| 17 | $521.73 | $438.90 | $82.82 | $14,851.70 |
| 18 | $521.73 | $441.28 | $80.45 | $14,410.42 |
| 19 | $521.73 | $443.67 | $78.06 | $13,966.75 |
| 20 | $521.73 | $446.08 | $75.65 | $13,520.67 |
| 21 | $521.73 | $448.49 | $73.24 | $13,072.18 |
| 22 | $521.73 | $450.92 | $70.81 | $12,621.26 |
| 23 | $521.73 | $453.36 | $68.37 | $12,167.89 |
| 24 | $521.73 | $455.82 | $65.91 | $11,712.07 |
| 25 | $521.73 | $458.29 | $63.44 | $11,253.78 |
| 26 | $521.73 | $460.77 | $60.96 | $10,793.01 |
| 27 | $521.73 | $463.27 | $58.46 | $10,329.75 |
| 28 | $521.73 | $465.78 | $55.95 | $9,863.97 |
| 29 | $521.73 | $468.30 | $53.43 | $9,395.67 |
| 30 | $521.73 | $470.84 | $50.89 | $8,924.84 |
| 31 | $521.73 | $473.39 | $48.34 | $8,451.45 |
| 32 | $521.73 | $475.95 | $45.78 | $7,975.50 |
| 33 | $521.73 | $478.53 | $43.20 | $7,496.97 |
| 34 | $521.73 | $481.12 | $40.61 | $7,015.85 |
| 35 | $521.73 | $483.73 | $38.00 | $6,532.12 |
| 36 | $521.73 | $486.35 | $35.38 | $6,045.78 |
| 37 | $521.73 | $488.98 | $32.75 | $5,556.80 |
| 38 | $521.73 | $491.63 | $30.10 | $5,065.17 |
| 39 | $521.73 | $494.29 | $27.44 | $4,570.87 |
| 40 | $521.73 | $496.97 | $24.76 | $4,073.90 |
| 41 | $521.73 | $499.66 | $22.07 | $3,574.24 |
| 42 | $521.73 | $502.37 | $19.36 | $3,071.87 |
| 43 | $521.73 | $505.09 | $16.64 | $2,566.78 |
| 44 | $521.73 | $507.83 | $13.90 | $2,058.96 |
| 45 | $521.73 | $510.58 | $11.15 | $1,548.38 |
| 46 | $521.73 | $513.34 | $8.39 | $1,035.04 |
| 47 | $521.73 | $516.12 | $5.61 | $518.92 |
| 48 | $521.73 | $518.92 | $2.81 | $0.00 |
How it works
We re-amortize the balance at the new rate and term, then compare the new monthly payment to the current one. Break-even = closing costs ÷ monthly savings.
Frequently asked questions
When does refinancing make sense?
Refinancing usually pays off when the new rate is at least 0.5–1 percentage point lower than your current rate and you'll stay in the loan past the break-even point.
What's the break-even point?
It's the month when cumulative monthly savings equal your closing costs. Past that month, refinancing saves you money on net.
Does a longer new term help?
A longer term reduces the monthly payment but increases lifetime interest, so it can mask a refinance that doesn't actually save money over time.
Should I roll closing costs into the loan?
You can, but it raises the balance and the interest paid. The calculator captures this if you add the closing costs to the new balance.
Are there other costs to refinancing?
Yes — appraisal, title, recording fees, and sometimes points. Include them in 'closing costs' for a realistic picture.