Auto Refinance Calculator
Updated on June 27, 2025
How to use this calculator
By entering the details of your current loan and of a prospective refinance loan, you can easily calculate your monthly payment and potential interest savings.
-
Current monthly payment
This is the amount you pay each month on your current auto loan. Refinancing can lower your monthly payment by extending your loan term, but keep in mind that a longer term means paying more interest overall.
-
Balance left on loan
This is the amount of your auto loan that you have not paid off yet. It is the amount you are refinancing.
-
Current interest rate
This is the interest rate you are paying on your current auto loan, or what you pay per month to borrow the loan money, expressed as a percent.
-
New interest rate
The interest rate on your new loan should be lower than your original rate. Typically, the lower your rate, the more you will save.
-
Remaining loan term
This is the amount of time you have left to pay off your loan. Loan terms are usually expressed in months and range from 24 to 84 months.
-
New loan term
This is the term for your new car loan. Choose a shorter term to save on interest or a longer term for lower monthly payments.
-
Calculate
Once you enter your loan information, this calculator will show you what your new monthly payment would be with a refinanced loan. It will also show your monthly savings and how much more or less you would pay in interest.
-
See offers
Clicking on “see offers” below the calculator will take you to a lender's website for a loan refinancing quote.
Use your results
How to make the most of this calculator
This calculator is for auto refinance loans, which replace your current auto loan with a new one with better terms. It may be a good time to refinance if your credit score has improved, your income has increased, you've paid off a large amount of debt or interest rates have dropped.
Examples of best-use scenarios
The following table compares different rates and terms for a refinanced auto loan. The original loan has a balance of $15,000 at 13.74% for 36 months, leading to a monthly payment of $511.
| Interest rate | Term | Monthly payment | Monthly payment | Interest savings | |
|---|---|---|---|---|---|
| Current loan | 13.74% | 36 months | $511.00 | $0 | $0 |
| Loan offer 1 | 9.01% | 36 months | $477.07 | $33.93 | $1,221.63 |
| Loan offer 2 | 7.05% | 48 months | $359.54 | $151.46 | $1,138.00 |
Next steps for auto loan refinance
-
Learn about refinancing fees and how a longer term could lead to paying more in interest.
-
Determine whether a longer term (and lower monthly payments) is worth paying for your auto loan longer — and when it puts you at financial risk.
-
Discover when refinancing with bad credit is worth it and how to use loan shopping to get the terms you need.
-
Auto refinancing can offer quick cash to pay off other debts, but it carries financial consequences you should consider first.
Other Bankrate calculators
Bankrate has a range of calculators to help you with your auto loan needs: