Car Refinance worksheet

1. Monthly savings: -$213.88

1. Find your current payment from what you owe, your rate and the months left. A standard formula finds the one amount that clears the loan in 60 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$22,500.00}\times 0.0075}{1-{\left(1+0.0075\right)}^{\mathrm{-60}}}$$=\mathrm{\$467.06}$

2. Add the fees to what you borrow, since they go into the new loan

   $\mathrm{\$22,500.00}+\mathrm{\$220.00}$$=\mathrm{\$22,720.00}$

3. Find the new payment. A standard formula finds the one amount that clears the loan in 36 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$22,720.00}\times 0.00416667}{1-{\left(1+0.00416667\right)}^{\mathrm{-36}}}$$=\mathrm{\$680.94}$

4. Subtract the new payment from the current one to see your monthly savings

   $\mathrm{\$467.06}-\mathrm{\$680.94}$$=\mathrm{-\$213.88}$

5. The new payment isn't lower, so there are no monthly savings to pay back the fees

6. Add up everything left to pay on the current loan

   $\mathrm{\$467.06}\times 60$$=\mathrm{\$28,023.78}$

7. Add up everything you'd pay on the new loan, plus any fees paid in cash

   $\mathrm{\$680.94}\times 36+\mathrm{\$0.00}$$=\mathrm{\$24,513.80}$

8. The difference is your lifetime savings. A negative number means the new loan costs more overall

   $\mathrm{\$28,023.78}-\mathrm{\$24,513.80}$$=\mathrm{\$3,509.98}$

9. Compare what you'd owe with what the car is worth. Lenders call this loan-to-value

   $\frac{\mathrm{\$22,720.00}}{\mathrm{\$22,000.00}}$$=\mathrm{103.27\%}$

2. Monthly savings: $194.90

1. Find your current payment from what you owe, your rate and the months left. A standard formula finds the one amount that clears the loan in 48 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$24,000.00}\times 0.00833333}{1-{\left(1+0.00833333\right)}^{\mathrm{-48}}}$$=\mathrm{\$608.70}$

2. Find the new payment. A standard formula finds the one amount that clears the loan in 72 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$24,000.00}\times 0.00616667}{1-{\left(1+0.00616667\right)}^{\mathrm{-72}}}$$=\mathrm{\$413.80}$

3. Subtract the new payment from the current one to see your monthly savings

   $\mathrm{\$608.70}-\mathrm{\$413.80}$$=\mathrm{\$194.90}$

4. Find the break-even month: divide the fees by your monthly savings, then round up

   $\frac{\mathrm{\$240.00}}{\mathrm{\$194.90}}$$=2\text{\hspace{0.17em}months}$

5. Add up everything left to pay on the current loan

   $\mathrm{\$608.70}\times 48$$=\mathrm{\$29,217.70}$

6. Add up everything you'd pay on the new loan, plus any fees paid in cash

   $\mathrm{\$413.80}\times 72+\mathrm{\$240.00}$$=\mathrm{\$30,033.71}$

7. The difference is your lifetime savings. A negative number means the new loan costs more overall

   $\mathrm{\$29,217.70}-\mathrm{\$30,033.71}$$=\mathrm{-\$816.01}$

8. Compare what you'd owe with what the car is worth. Lenders call this loan-to-value

   $\frac{\mathrm{\$24,000.00}}{\mathrm{\$24,000.00}}$$=\mathrm{100\%}$

3. Monthly savings: $177.54

1. Find your current payment from what you owe, your rate and the months left. A standard formula finds the one amount that clears the loan in 48 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$22,000.00}\times 0.00875}{1-{\left(1+0.00875\right)}^{\mathrm{-48}}}$$=\mathrm{\$563.27}$

2. Find the new payment. A standard formula finds the one amount that clears the loan in 72 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$22,000.00}\times 0.00666667}{1-{\left(1+0.00666667\right)}^{\mathrm{-72}}}$$=\mathrm{\$385.73}$

3. Subtract the new payment from the current one to see your monthly savings

   $\mathrm{\$563.27}-\mathrm{\$385.73}$$=\mathrm{\$177.54}$

4. Find the break-even month: divide the fees by your monthly savings, then round up

   $\frac{\mathrm{\$250.00}}{\mathrm{\$177.54}}$$=2\text{\hspace{0.17em}months}$

5. Add up everything left to pay on the current loan

   $\mathrm{\$563.27}\times 48$$=\mathrm{\$27,037.17}$

6. Add up everything you'd pay on the new loan, plus any fees paid in cash

   $\mathrm{\$385.73}\times 72+\mathrm{\$250.00}$$=\mathrm{\$28,022.65}$

7. The difference is your lifetime savings. A negative number means the new loan costs more overall

   $\mathrm{\$27,037.17}-\mathrm{\$28,022.65}$$=\mathrm{-\$985.48}$

8. Compare what you'd owe with what the car is worth. Lenders call this loan-to-value

   $\frac{\mathrm{\$22,000.00}}{\mathrm{\$25,000.00}}$$=\mathrm{88\%}$

4. Monthly savings: $20.86

1. Find your current payment from what you owe, your rate and the months left. A standard formula finds the one amount that clears the loan in 36 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$25,000.00}\times 0.00708333}{1-{\left(1+0.00708333\right)}^{\mathrm{-36}}}$$=\mathrm{\$789.19}$

2. Add the fees to what you borrow, since they go into the new loan

   $\mathrm{\$25,000.00}+\mathrm{\$350.00}$$=\mathrm{\$25,350.00}$

3. Find the new payment. A standard formula finds the one amount that clears the loan in 36 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$25,350.00}\times 0.00479167}{1-{\left(1+0.00479167\right)}^{\mathrm{-36}}}$$=\mathrm{\$768.33}$

4. Subtract the new payment from the current one to see your monthly savings

   $\mathrm{\$789.19}-\mathrm{\$768.33}$$=\mathrm{\$20.86}$

5. Find the break-even month: divide the fees by your monthly savings, then round up

   $\frac{\mathrm{\$350.00}}{\mathrm{\$20.86}}$$=17\text{\hspace{0.17em}months}$

6. Add up everything left to pay on the current loan

   $\mathrm{\$789.19}\times 36$$=\mathrm{\$28,410.78}$

7. Add up everything you'd pay on the new loan, plus any fees paid in cash

   $\mathrm{\$768.33}\times 36+\mathrm{\$0.00}$$=\mathrm{\$27,659.80}$

8. The difference is your lifetime savings. A negative number means the new loan costs more overall

   $\mathrm{\$28,410.78}-\mathrm{\$27,659.80}$$=\mathrm{\$750.98}$

9. Compare what you'd owe with what the car is worth. Lenders call this loan-to-value

   $\frac{\mathrm{\$25,350.00}}{\mathrm{\$24,000.00}}$$=\mathrm{105.62\%}$

5. Monthly savings: $387.35

1. Find your current payment from what you owe, your rate and the months left. A standard formula finds the one amount that clears the loan in 24 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$18,500.00}\times 0.00583333}{1-{\left(1+0.00583333\right)}^{\mathrm{-24}}}$$=\mathrm{\$828.29}$

2. Add the fees to what you borrow, since they go into the new loan

   $\mathrm{\$18,500.00}+\mathrm{\$460.00}$$=\mathrm{\$18,960.00}$

3. Find the new payment. A standard formula finds the one amount that clears the loan in 48 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$18,960.00}\times 0.00458333}{1-{\left(1+0.00458333\right)}^{\mathrm{-48}}}$$=\mathrm{\$440.94}$

4. Subtract the new payment from the current one to see your monthly savings

   $\mathrm{\$828.29}-\mathrm{\$440.94}$$=\mathrm{\$387.35}$

5. Find the break-even month: divide the fees by your monthly savings, then round up

   $\frac{\mathrm{\$460.00}}{\mathrm{\$387.35}}$$=2\text{\hspace{0.17em}months}$

6. Add up everything left to pay on the current loan

   $\mathrm{\$828.29}\times 24$$=\mathrm{\$19,879.03}$

7. Add up everything you'd pay on the new loan, plus any fees paid in cash

   $\mathrm{\$440.94}\times 48+\mathrm{\$0.00}$$=\mathrm{\$21,165.25}$

8. The difference is your lifetime savings. A negative number means the new loan costs more overall

   $\mathrm{\$19,879.03}-\mathrm{\$21,165.25}$$=\mathrm{-\$1,286.23}$

9. Compare what you'd owe with what the car is worth. Lenders call this loan-to-value

   $\frac{\mathrm{\$18,960.00}}{\mathrm{\$22,000.00}}$$=\mathrm{86.18\%}$

6. Monthly savings: $449.41

1. Find your current payment from what you owe, your rate and the months left. A standard formula finds the one amount that clears the loan in 24 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$20,000.00}\times 0.008}{1-{\left(1+0.008\right)}^{\mathrm{-24}}}$$=\mathrm{\$919.21}$

2. Add the fees to what you borrow, since they go into the new loan

   $\mathrm{\$20,000.00}+\mathrm{\$400.00}$$=\mathrm{\$20,400.00}$

3. Find the new payment. A standard formula finds the one amount that clears the loan in 48 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$20,400.00}\times 0.00416667}{1-{\left(1+0.00416667\right)}^{\mathrm{-48}}}$$=\mathrm{\$469.80}$

4. Subtract the new payment from the current one to see your monthly savings

   $\mathrm{\$919.21}-\mathrm{\$469.80}$$=\mathrm{\$449.41}$

5. Find the break-even month: divide the fees by your monthly savings, then round up

   $\frac{\mathrm{\$400.00}}{\mathrm{\$449.41}}$$=1\text{\hspace{0.17em}month}$

6. Add up everything left to pay on the current loan

   $\mathrm{\$919.21}\times 24$$=\mathrm{\$22,061.05}$

7. Add up everything you'd pay on the new loan, plus any fees paid in cash

   $\mathrm{\$469.80}\times 48+\mathrm{\$0.00}$$=\mathrm{\$22,550.28}$

8. The difference is your lifetime savings. A negative number means the new loan costs more overall

   $\mathrm{\$22,061.05}-\mathrm{\$22,550.28}$$=\mathrm{-\$489.23}$

9. Compare what you'd owe with what the car is worth. Lenders call this loan-to-value

   $\frac{\mathrm{\$20,400.00}}{\mathrm{\$19,500.00}}$$=\mathrm{104.62\%}$

7. Monthly savings: $665.10

1. Find your current payment from what you owe, your rate and the months left. A standard formula finds the one amount that clears the loan in 24 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$26,000.00}\times 0.00566667}{1-{\left(1+0.00566667\right)}^{\mathrm{-24}}}$$=\mathrm{\$1,161.73}$

2. Find the new payment. A standard formula finds the one amount that clears the loan in 60 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$26,000.00}\times 0.00458333}{1-{\left(1+0.00458333\right)}^{\mathrm{-60}}}$$=\mathrm{\$496.63}$

3. Subtract the new payment from the current one to see your monthly savings

   $\mathrm{\$1,161.73}-\mathrm{\$496.63}$$=\mathrm{\$665.10}$

4. Find the break-even month: divide the fees by your monthly savings, then round up

   $\frac{\mathrm{\$300.00}}{\mathrm{\$665.10}}$$=1\text{\hspace{0.17em}month}$

5. Add up everything left to pay on the current loan

   $\mathrm{\$1,161.73}\times 24$$=\mathrm{\$27,881.55}$

6. Add up everything you'd pay on the new loan, plus any fees paid in cash

   $\mathrm{\$496.63}\times 60+\mathrm{\$300.00}$$=\mathrm{\$30,097.81}$

7. The difference is your lifetime savings. A negative number means the new loan costs more overall

   $\mathrm{\$27,881.55}-\mathrm{\$30,097.81}$$=\mathrm{-\$2,216.27}$

8. Compare what you'd owe with what the car is worth. Lenders call this loan-to-value

   $\frac{\mathrm{\$26,000.00}}{\mathrm{\$29,500.00}}$$=\mathrm{88.14\%}$

8. Monthly savings: $261.01

1. Find your current payment from what you owe, your rate and the months left. A standard formula finds the one amount that clears the loan in 36 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$20,000.00}\times 0.00833333}{1-{\left(1+0.00833333\right)}^{\mathrm{-36}}}$$=\mathrm{\$645.34}$

2. Find the new payment. A standard formula finds the one amount that clears the loan in 60 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$20,000.00}\times 0.00479167}{1-{\left(1+0.00479167\right)}^{\mathrm{-60}}}$$=\mathrm{\$384.34}$

3. Subtract the new payment from the current one to see your monthly savings

   $\mathrm{\$645.34}-\mathrm{\$384.34}$$=\mathrm{\$261.01}$

4. Find the break-even month: divide the fees by your monthly savings, then round up

   $\frac{\mathrm{\$225.00}}{\mathrm{\$261.01}}$$=1\text{\hspace{0.17em}month}$

5. Add up everything left to pay on the current loan

   $\mathrm{\$645.34}\times 36$$=\mathrm{\$23,232.37}$

6. Add up everything you'd pay on the new loan, plus any fees paid in cash

   $\mathrm{\$384.34}\times 60+\mathrm{\$225.00}$$=\mathrm{\$23,285.12}$

7. The difference is your lifetime savings. A negative number means the new loan costs more overall

   $\mathrm{\$23,232.37}-\mathrm{\$23,285.12}$$=\mathrm{-\$52.75}$

8. Compare what you'd owe with what the car is worth. Lenders call this loan-to-value

   $\frac{\mathrm{\$20,000.00}}{\mathrm{\$20,000.00}}$$=\mathrm{100\%}$

9. Monthly savings: $324.99

1. Find your current payment from what you owe, your rate and the months left. A standard formula finds the one amount that clears the loan in 36 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$22,000.00}\times 0.00583333}{1-{\left(1+0.00583333\right)}^{\mathrm{-36}}}$$=\mathrm{\$679.30}$

2. Find the new payment. A standard formula finds the one amount that clears the loan in 72 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$22,000.00}\times 0.00416667}{1-{\left(1+0.00416667\right)}^{\mathrm{-72}}}$$=\mathrm{\$354.31}$

3. Subtract the new payment from the current one to see your monthly savings

   $\mathrm{\$679.30}-\mathrm{\$354.31}$$=\mathrm{\$324.99}$

4. Find the break-even month: divide the fees by your monthly savings, then round up

   $\frac{\mathrm{\$240.00}}{\mathrm{\$324.99}}$$=1\text{\hspace{0.17em}month}$

5. Add up everything left to pay on the current loan

   $\mathrm{\$679.30}\times 36$$=\mathrm{\$24,454.66}$

6. Add up everything you'd pay on the new loan, plus any fees paid in cash

   $\mathrm{\$354.31}\times 72+\mathrm{\$240.00}$$=\mathrm{\$25,750.21}$

7. The difference is your lifetime savings. A negative number means the new loan costs more overall

   $\mathrm{\$24,454.66}-\mathrm{\$25,750.21}$$=\mathrm{-\$1,295.55}$

8. Compare what you'd owe with what the car is worth. Lenders call this loan-to-value

   $\frac{\mathrm{\$22,000.00}}{\mathrm{\$25,000.00}}$$=\mathrm{88\%}$

10. Monthly savings: $375.46

1. Find your current payment from what you owe, your rate and the months left. A standard formula finds the one amount that clears the loan in 24 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$26,000.00}\times 0.0055}{1-{\left(1+0.0055\right)}^{\mathrm{-24}}}$$=\mathrm{\$1,159.38}$

2. Find the new payment. A standard formula finds the one amount that clears the loan in 36 months, where the monthly rate is the yearly rate ÷ 12

   $\frac{\mathrm{\$26,000.00}\times 0.0045}{1-{\left(1+0.0045\right)}^{\mathrm{-36}}}$$=\mathrm{\$783.92}$

3. Subtract the new payment from the current one to see your monthly savings

   $\mathrm{\$1,159.38}-\mathrm{\$783.92}$$=\mathrm{\$375.46}$

4. Find the break-even month: divide the fees by your monthly savings, then round up

   $\frac{\mathrm{\$325.00}}{\mathrm{\$375.46}}$$=1\text{\hspace{0.17em}month}$

5. Add up everything left to pay on the current loan

   $\mathrm{\$1,159.38}\times 24$$=\mathrm{\$27,825.07}$

6. Add up everything you'd pay on the new loan, plus any fees paid in cash

   $\mathrm{\$783.92}\times 36+\mathrm{\$325.00}$$=\mathrm{\$28,546.17}$

7. The difference is your lifetime savings. A negative number means the new loan costs more overall

   $\mathrm{\$27,825.07}-\mathrm{\$28,546.17}$$=\mathrm{-\$721.09}$

8. Compare what you'd owe with what the car is worth. Lenders call this loan-to-value

   $\frac{\mathrm{\$26,000.00}}{\mathrm{\$31,500.00}}$$=\mathrm{82.54\%}$