Auto Loan Refinance Calculator with Bi-Weekly Payments
This tool compares your current auto loan to a refinance offer, supporting monthly and bi-weekly payment schedules. It estimates periodic payments, total cost, and how long it takes to recover refinance fees (break-even).
Results are estimates based on standard amortization formulas and the inputs you provide. Use the calculator for planning and disclosure; confirm exact figures with the lender before refinancing.
Compare your current loan cashflows to a refinance offer. Handles monthly and bi-weekly frequencies and includes refinance fees in the new principal.
Inputs
Results
Current periodic payment
$654.72
Refinance periodic payment
$454.18
Total cost remaining (current)
$15,713.21
Total cost (refinance)
$16,350.56
Estimated net interest saved (after fees)
-$1,137.35
Estimated annual cash savings
$2,406.42
Break-even time (years)
0.2078
Break-even time (months)
2
| Output | Value | Unit |
|---|---|---|
| Current periodic payment | $654.72 | USD |
| Refinance periodic payment | $454.18 | USD |
| Total cost remaining (current) | $15,713.21 | USD |
| Total cost (refinance) | $16,350.56 | USD |
| Estimated net interest saved (after fees) | -$1,137.35 | USD |
| Estimated annual cash savings | $2,406.42 | USD/year |
| Break-even time (years) | 0.2078 | years |
| Break-even time (months) | 2 | months |
Visualization
Methodology
We model both loans as fully amortizing fixed-rate loans. The periodic payment formula used is the standard annuity payment: payment = r * PV / (1 - (1 + r)^-n), where r is the periodic interest rate and n is the number of periods.
Bi-weekly schedules are treated as 26 payments per year; monthly schedules as 12. Refinance fees are added to the new principal for a conservative estimate of new payments and total cost.
Key takeaways
This calculator provides a conservative, transparent estimate to compare your current auto loan to a refinance offer with support for monthly or bi-weekly payments.
Always verify numbers with your lender and review loan documents for application-specific rules such as payment posting, rounding, and prepayment penalties.
Further resources
Expert Q&A
Why does switching to bi-weekly payments often reduce interest?
Bi-weekly schedules create effectively one extra monthly payment per year (26 bi-weekly payments ≈ 13 monthly payments). Making payments more frequently reduces the outstanding principal sooner, lowering total interest if the lender applies payments immediately to principal.
Do results include taxes, insurance, or penalties?
No. This calculator estimates principal and interest only. It does not include taxes, insurance, dealer add-ons, mandatory escrow amounts, or lender-specific fees beyond the refinance fees you enter. Check loan documents for those items.
How accurate are the numbers?
Estimates use standard amortization math and are accurate to normal rounding. Differences can arise due to lender rounding rules, exact payment dates, interest accrual conventions, payment processing timing, and any prepayment or recasting policies. For regulatory and measurement guidance, users may consult standards from NIST and ISO for uncertainty considerations.
Sources & citations
- National Institute of Standards and Technology (NIST) — https://www.nist.gov
- International Organization for Standardization (ISO) — https://www.iso.org
- Institute of Electrical and Electronics Engineers (IEEE) — https://www.ieee.org
- Occupational Safety and Health Administration (OSHA) — https://www.osha.gov