Car Refinance Calculator
| Calculation based on: |
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| Current Loan |
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| Monthly Payment | |
| Car Loan Balance Left | |
| Annual Interest |
| New Loan |
|---|
| New Loan Duration | |
| New Annual Interest | |
| Discount Points | |
| Costs and fees | |
| Cash widthdraw or add? | |
| Widthdraw amount: |
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Result |
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Refinancing would be less cost-effective. The new loan will be paid off 17 month(s) slower. The Effective APR of the new loan will be 7.49%, which is 0.24% higher than the current financing. The total extra cost of the new loan will be $2,020.48. |
New Monthly Payment: $584.19 |
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The origination fee and all fees to get the refinance obtained is $500.00. The total amount to be paid upfront is $1,200.00. |
| Current loan | New loan | Difference | |
|---|---|---|---|
| Monthly pay | $750.00 | $584.19 | $-165.81 |
| APR/Interest rate | 7.25% | 7.49% | -0.24% |
| Loan length | 55 months | 72 months | 17 months |
| Total payments | $41,241.22 | $42,061.71 | $820.48 |
| Total interest | $6,241.22 | $7,061.71 | $820.48 |
| Pay upfront (Cost+Points) | $1,200.00 |
Cite as followed:
Zemtsov, I. "Car Refinance calculator". PubliCalculator.com, 1st Oct 2023. Published at: https://publicalculator.com/car-refinance-calculator. Accessed: Sep 8, 2024.