Auto Refinance Interest Savings

How much interest can you save if you refinance your auto loan? This calculator helps you find out! Enter the specifics about your current loan and determine how much interest refinancing can save you. In addition, it will calculate the number of months to break even on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Auto Refinance Interest Savings
New loan balance:
$12,485.56
You could save $970.28 in interest Column Graph: Please view the report to see detailed calculation results in tabular form.
Your payment will decrease $20.21 per month Column Graph: Please view the report to see detailed calculation results in tabular form.

Definitions

Original loan amount

Total amount for your original loan.

Original rate

Annual percentage rate of your original loan.

Original term

The total number of months for your original loan.

Number of payments made

The total number of payments you have made on your original loan.

Current payment

Current monthly principal and interest payment.

New rate

Annual percentage rate of your new loan.

New term

The total number of months for your new loan.

New loan balance

Total amount for your new refinanced loan. This amount is equal to your current balance on your original loan. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new loan balance.

Closing costs

Total fees and other costs associated with the new loan and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new loan (closing costs are not added to the total for your new loan amount).

New payment

New monthly principal and interest payment.



Sunmark Federal Credit Union
1187 Troy Schenectady Road
Latham, NY

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.