Car Loan Refinance Break-Even Calculator
Thinking about refinancing your car loan? Enter your current loan balance and payment details along with the new offer to see your monthly savings, break-even point, and total interest saved over the life of the loan.
About this calculator
Compare your current auto loan to a refinance offer and calculate the break-even month where refinancing fees are paid off by monthly savings, including total interest saved.
Frequently Asked Questions
How is the break-even point calculated?
It divides your refinance fees by the monthly payment savings, showing how many months it takes for the savings to offset the cost of refinancing.
Should I refinance if the break-even period is long?
If you plan to keep the car and loan for longer than the break-even period, refinancing is usually worthwhile. If you'll sell or pay off the car sooner, it may not be.
Does a longer new loan term always save money?
A longer term can lower monthly payments but may increase total interest paid, even at a lower rate. Compare total interest, not just monthly payment.