Chase Auto Loan Refinance Calculator
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Reviewed by Calculator Editorial Team
Refinancing your auto loan with Chase can help you save money on interest payments. This calculator helps you estimate your potential savings by comparing your current loan terms with Chase's refinanced loan terms.
How the Chase Auto Loan Refinance Calculator Works
The Chase Auto Loan Refinance Calculator estimates your potential savings by comparing your current auto loan with a refinanced loan offer from Chase. The calculation considers:
- Current loan balance
- Current interest rate
- Current loan term
- Chase's refinanced interest rate
- Chase's refinanced loan term
Key Formulas
Monthly Payment Calculation:
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ]
Where: M = monthly payment, P = principal loan amount, i = monthly interest rate, n = number of payments
Total Interest Paid:
Total Interest = (Monthly Payment × Number of Payments) - Principal Loan Amount
Potential Savings:
Savings = (Current Total Interest) - (Refinanced Total Interest)
The calculator assumes you'll pay off the loan in full at the end of the term. It doesn't account for prepayment penalties or early payoff fees that might apply to your specific loan.
How to Use This Calculator
- Enter your current auto loan balance in the "Current Loan Balance" field.
- Enter your current interest rate in the "Current Interest Rate" field.
- Select your current loan term from the dropdown menu.
- Enter Chase's refinanced interest rate in the "Refinanced Interest Rate" field.
- Select the refinanced loan term from the dropdown menu.
- Click the "Calculate" button to see your estimated savings.
Note: This calculator provides estimates only. Actual savings may vary based on your specific loan terms and Chase's current refinancing offers.
Example Calculation
Let's say you have a $20,000 auto loan with a 6.5% interest rate and a 48-month term. Chase offers to refinance your loan at 4.5% interest for 60 months. Here's how the calculation works:
| Loan Type | Interest Rate | Term | Monthly Payment | Total Interest |
|---|---|---|---|---|
| Current Loan | 6.5% | 48 months | $452.38 | $1,114.64 |
| Refinanced Loan | 4.5% | 60 months | $372.14 | $541.40 |
In this example, refinancing with Chase would save you $573.24 in interest over the life of the loan.