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Car Loan Refinance Comparison Calculator — result sheet
Compare the estimated payment and remaining repayment cost of a current vehicle loan with a new fixed-rate term that includes refinance fees.
Inputs used
Results
Visual chart
Breakdown
Calculation steps
Returned data table
Formula and methodology
Formula: Fixed payment = principal×monthly rate/[1−(1+monthly rate)^−months]; new principal = current balance+fees; total saving = current remaining payments−new payments including fees.
This comparison treats the current balance as the amount to refinance and adds entered fees to the new principal. It calculates both schedules as fixed-payment loans, then compares the remaining cost from today rather than sunk payments already made. The result makes a longer term or a lower rate visible, but it is not a lender quote and does not decide whether refinancing is suitable.
This result follows the calculator's declared inputs, precision, validation boundaries, and model limits.
Input contract
- Current loan balance — currency units; minimum 0.01; maximum 1000000000000
- Current annual interest rate — % per year; minimum 0; maximum 1000
- Remaining months — months; minimum 1; maximum 600
- New annual interest rate — % per year; minimum 0; maximum 1000
- New loan term — months; minimum 1; maximum 600
- Refinance fees added to new balance — currency units; minimum 0; maximum 1000000000000
Worked example
| Input | Value |
|---|---|
| Current loan balance | 25000 |
| Current annual interest rate | 8 |
| Remaining months | 48 |
| New annual interest rate | 6 |
| New loan term | 48 |
| Refinance fees added to new balance | 500 |
The comparison computes the current payment from 25,000 over 48 months, finances 25,500 under the new loan, and reports the payment change, each remaining total, and the estimated total saving.
Assumptions and limits
- Both loans are modeled with fixed monthly payments and monthly rate conversion from the entered annual rate.
- The current balance is the exact payoff balance at the comparison date.
- Entered refinance fees are financed into the new balance rather than paid separately.
- The current comparison excludes payments already made and compares only remaining obligations.
- Prepayment penalties, taxes, insurance, title charges, variable rates, and lender eligibility are outside the model.
- The lender’s disclosure and payoff statement control the actual terms, payment, and total cost.
Calculator note
Source and methodology
Use the official WorldCalculate methodology policy for the source, formula, precision, and boundary standards behind this calculator.
Planning estimate, not financial, medical, legal, or professional advice. © WorldCalculate — reuse with attribution. Built and curated by Hassan ALRowaie.
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