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Auto Refinance Calculator

*Calculators are for general education only, not representative of Metro Credit Union offerings. Results are estimates based on user input and are not financial advice or guarantees. Consult a Metro Credit Union advisor for personalized advice. Metro Credit Union disclaims accuracy and liability for calculator use.

How to Use the Auto Refinance Calculator

This simple tool helps you estimate how much you could save by refinancing your current auto loan. Just enter the details of your existing loan and your new loan offer, and the calculator will do the rest showing your new monthly payment, monthly savings, and interest savings over the life of the loan.

What Each Input Means 

Current Loan Balance

This is how much you still owe on your current auto loan. Enter the most recent balance from your loan statement. This is the amount you’ll be refinancing. 

Current Monthly Payment

This is your current required monthly payment, including principal and interest. Comparing this to your new payment will help you see how much you might save each month.

Current Interest Rate

This is the annual percentage rate (APR) you’re currently paying. You’ll find this rate on your original loan agreement or on your loan statement.

Proposed Interest Rate

This is the interest rate offered on your potential refinance loan. Typically, the lower this rate is compared to your current rate, the more you can save on interest.

Proposed Term

Choose how long you want the new loan to last (e.g., 36, 48, 60 months). A longer term can reduce your monthly payment, while a shorter term may reduce your overall interest cost.

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