Car Loan Refinance Break-Even Calculator
Considering refinancing your car loan? Enter your current loan details and the new loan offer to see your monthly payment change, total interest saved, and how many months it takes to break even on refinance fees.
About this calculator
Estimate how much you'll save by refinancing your auto loan, including new monthly payment, total interest saved, and the break-even point after fees.
Frequently Asked Questions
Is refinancing my car loan worth it?
It's usually worth it if you can secure a lower APR, your monthly savings recoup any fees within a reasonable timeframe, and you don't significantly extend the loan term (which can increase total interest even at a lower rate).
What is a good break-even period?
Ideally, you want to break even on fees within 6-12 months, especially if you plan to keep the car or loan for several more years.
Does extending my loan term reduce savings?
Yes. A longer new term lowers your monthly payment but can increase total interest paid, even at a lower rate. This calculator accounts for that by comparing total interest across both loans.