Refinancing your auto loan could be a smart move if you’re looking to lower your monthly payments, reduce your interest rate, or both. This calculator can help you quickly estimate whether refinancing may make financial sense for your situation.
Start by entering your current loan balance, monthly payment, and interest rate. We’ll estimate how much time you have left on the loan. Then, adjust the refinancing options to see what a lower rate or different term could do for your monthly payment and overall cost.
The rates shown in this calculator are for illustrative purposes only. Actual refinancing rates, loan terms, and fees depend on your credit history and other factors. To learn more about current refinancing rates and options, contact the Dort Financial team.
Monthly Payment
$742
Total Interest
$5,891
Monthly Payment
$705
Total Interest
$3,524
Understanding the Break-Even Point
When refinancing, you typically pay a one-time cost to cover lender, title transfer, and related fees. The break-even point is the number of months it takes for your monthly savings to equal the cost of refinancing.
Break-Even Point: 11 months
Much of the time, people refinance to lower their monthly payment. But you could also refinance with a higher monthly payment to pay off your loan faster. In that case, the break-even point is your overall savings at the end of the loan.