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Refinance Auto Loan Calculator with Interest Cost Comparison

Calculator Preferences
Refinance Auto Loan Calculator

This calculator will help you to decide whether or not you will save money by refinancing your car loan at a lower interest rate. Results include a line-by-line comparison of both scenarios and a bar graph that provides a visual representation of the cost comparison. The $ecret tab includes:

  • How a smaller payment may actually end up costing you money, not saving you money.
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Orig loan amt:Original principal:Original loan amount:Original loan amount:

Original loan amount:

Enter the original dollar amount of the car loan (principal amount), but without the dollar sign or any commas.

Orig # pmts:Orig # of pmts:Original loan term in months:Original loan term in months:

Original loan term in months:

Enter the term (number of monthly payments) of the original car loan.

Orig payment:Original payment:Original monthly payment amount:Original monthly payment amount:

Original monthly payment amount:

Enter the monthly payment amount for the original car loan, but without the dollar sign or any commas.

# pmts made:# of pmts made:Number of payments already made:Number of payments already made:

Number of payments already made:

Enter the number of monthly payments already made on your original car loan (enter a zero if no payments have been made).

Refi rate:Refinance rate:New refinance percentage rate:New refinance annual percentage rate:

New refinance annual percentage rate:

Enter the new annual percentage rate (APR) that will apply to car loan refinance, but without the percent sign.

Refi term:Refinance term:New refinance term in months:New refinance term in months:

New refinance term in months:

Enter the new number of monthly payments that will apply to the car loan refinancing.

Refinance loan fees:

Enter the total of any refinancing fees charged by the lender. Tap the description to place a checkmark in the box if you would like the refinancing fees included in the refinance loan amount (not recommended). In either case the fees will be added to the refinancing interest cost.

Add cash:Additional cash:Additional cash needed:Additional cash needed:

Additional cash needed:

If you would like to borrow an amount over and above what you owe (not recommended!), enter the amount here, without the dollar sign or any commas.

Comparative Results
Tap the text for a description of each row result.
CompareCompareCompareCompareCrntCrntCurrentCurrentRefiRefiRefinanceRefinanceDiffDiffDifferenceDifference
Prin:Prin:Principal:Principal:Principal:

Principal:

Based on your entries, the first column in this row is the amount you still owe on the original amount borrowed. The second column in this row is the first column plus any fees rolled into the new loan, plus any additional cash you wish to borrow when you refinance. The third column shows how much higher or lower the refinance principal is than the current principal.

Pmt:Pmt:Monthly payment:Monthly payment:Monthly payment:

Monthly payment:

Based on your entries, this row contains your current monthly payment and new refinance monthly payment. The third column shows how much higher or lower the refinance payment is than the current payment.

Rate:Rate:Interest rate:Interest rate:Interest rate:

Interest rate:

Based on your entries, the first column in this row is the estimated annual interest rate of your original car loan. The second column shows the new refinance rate you entered in the top portion of the refinance auto loan calculator. The third column shows how much higher or lower the refinance rate is than the original rate.

# pmts:# pmts:Number of payments:Number of payments:Number of payments:

Number of payments:

Based on your entries, this row shows the number of monthly payments for your current and refinanced car loan. The third column shows how much higher or lower the refinance number of payments is than the current remaining number.

Cost:Cost:Interest cost:Interest cost:Interest cost:

Interest cost and fees:

Based on your entries, the first column in this row shows how much interest you will pay if you leave your current car loan as is. The second column shows how much interest you will pay if you refinance (includes any entered refinance fees). The third column shows how much higher or lower the refinance interest and fees are than the current remaining costs. If the amount in the third column is preceded by a plus sign, you will actually lose money by refinancing your auto loan.

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

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Tip

About

About the Refinance Auto Loan Calculator

This calculator will calculate the monthly payment and interest cost comparison between your current car loan and a new refinance loan.

Plus, unlike most other auto refinance calculators, this calculator also gives you the option of increasing the size of the refinance balance to include an amount of cash you think you might need -- though I personally would only recommend doing so if you will use the cash to pay down higher interest rate debt.

Furthermore, the calculator also includes a field for including any refinancing fees that will be charged by the lender, along with a checkbox to indicate whether or not you want these fees rolled into the new loan balance (not recommended).

And finally, the calculator will display a line-by-line comparison chart containing the principal, payment, apr, number of payments, and interest cost for both scenarios, which is followed by a summary and a bar graph giving you a visual representation of the cost comparison.

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Instructions

How to use the Refinance Auto Loan Calculator

Step #1:

Enter the original amount borrowed (principal).

Step #2:

Enter the original number of monthly payments.

Step #3:

Enter the original or current payment amount.

Step #4:

Enter the number of payments you have already made.

Step #5:

Enter the refinance annual interest rate.

Step #6:

Enter the refinance term in number of months.

Step #7:

Enter any refinancing fees you will be charged by the lender, and indicate whether or not you want to roll the fees into the new loan principal.

Step #8:

If you need to borrow additional cash as part of the refinancing, enter the cash amount.

Step #9:

Tap the "Calculate Auto Refinance" button. This will populate the refinance comparison chart and display a bar chart comparing the interest costs of the both scenarios.

Saving Entries:

If your web browser supports Local Storage, you can save your entries to your web browser so won't have to start over on your next visit. Please note that your saved entries can only be retrieved from the same device and web browser you were using when you stored them. If you would like to access your saved entries from any device I invite you to subscribe to the Ad-Free Member Version.

To save your entries to your web browser, click or tap the Data tab in the Help and Tools section (mobile: top right of the main screen), select "New Data Record" from the drop-down menu, enter a name for the data record, and then tap or click the Save button.

To load previously saved entries, click or tap the Data tab and select the saved data record from the drop-down menu. You can then save any changes to your entries by simply clicking the Save button while the data record is selected.

To clear a named set of saved entries, click or tap the Data tab, select the saved data record from the drop-down menu, and then tap or click the Clear button.

Numbers and Decimals:

Only numeric characters (0-9 and decimal points) may be entered in numeric fields. Non-numeric characters (dollar signs, percent signs, commas, etc.) may cause calculation errors. If the field includes a grid icon, tapping the icon will open a popup keypad which will include only the characters allowed in the field. If your device keypad does not include a decimal point, use this popup keypad to enter decimal numbers where applicable.

Popup Tool Tips:

Tap the info (i) icons for a further explanation of each entry field (you can click [X] or outside of the pop-up tool tips to close them). A summary of these explanations, along with any additional term explanations, can also be found under the Terms tab.

Disclaimer:

Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. If you do discover an issue with the calculated results, please report the issue using the feedback form located below the calculator.

Scrolling & Shrinking:

In order to scroll the calculator vertically you will need to swipe just outside of the calculator's dark-blue border, or use the window's far right-hand scroll bar, whichever is applicable to your device.

If the top section of the calculator becomes to tall for your viewport, tapping in the "Enter a problem..." field should reset the top section to its original height.

Disclaimer:

The Algebra Calculator is the only calculator on the site that I did not create myself. And since I did not create it, I don't have access to the code for fixing any issues you may be experiencing. So if you are having issues with the calculator, please visit the support page at Mathway.com for assistance.

Glossary

Fields, Terms, and Definitions.

Reset button:

Clicking the "Reset" button will restore the calculator to its default settings.

Pocket Calculator

Calculate any amounts needed to enter into calculator.

 

Data Management

Save and retrieve entries and notes (requires HTML5 compliant web browser).

Calculator Data

Calculator Data:

If you are using the latest version of your web browser software, this feature will allow you to save your calculator entries to your web browser's local storage in between visits. This means the calculator entries can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save data between devices you will need to subscribe to the Ad-Free Member Version.

Save: To save a new set of calculator entries, select "New Data Record" from the dropdown list, enter a nickname for the data record, then click the "Save" button.

Load: To load a previously saved set of calculator entries, simply select the name of the data record from the dropdown list.

Save Changes: To save changes to a set of previously saved calculator entries, be sure the name of the data record is selected, and then click the "Save" button.

Clear: To clear a saved set of entries, be sure the name of the data record is selected, and then click the "Clear" button.

Backup Data
My Notes:
Subscribe to the Cloud level of the Ad-Free Member Version to save your entries and notes to a secure online database, allowing you to access your saved entries from any device or web browser.

Sorry! The Save functions are bonus features reserved for those who allow ads to display on the page.

If you would like to use the Save features, please disable ad blocking for this website and refresh the page. Or you can choose to subscribe to the Ad-Free Member Version of the site.

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

Favorites

Add or remove this page to/from my favorites.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.