Automotive / Vehicle Ownership
Auto Loan Refinancing Savings Calculator
Current Loan
New Loan
Refinancing Tips
When to Refinance: If you can lower your rate by 1% or more, refinancing often saves money
Credit Score: Higher credit scores qualify for better rates. Improve your score before refinancing.
Fees: Watch out for origination fees, application fees, and prepayment penalties on your current loan
Use this auto loan refinancing savings calculator to compute vehicle ownership results from your inputs.
Formula
Current monthly = Balance × [r(1+r)^n] / [(1+r)^n - 1] New monthly = Balance × [r_new(1+r_new)^n_new] / [(1+r_new)^n_new - 1] Current total remaining = Current monthly × Remaining months New total = (New monthly × New term) + Refinancing fees Total savings = Current total - New total Monthly savings = Current monthly - New monthly