Car Refi Calculator

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Car Refinance Comparison Calculator

function calculateRefinanceComparison() { var currentLoanBalance = parseFloat(document.getElementById('currentLoanBalance').value); var currentMonthlyPayment = parseFloat(document.getElementById('currentMonthlyPayment').value); var remainingMonthsCurrent = parseFloat(document.getElementById('remainingMonthsCurrent').value); var newMonthlyPayment = parseFloat(document.getElementById('newMonthlyPayment').value); var newLoanTermMonths = parseFloat(document.getElementById('newLoanTermMonths').value); var resultDiv = document.getElementById('result'); resultDiv.innerHTML = "; // Clear previous results // Input validation if (isNaN(currentLoanBalance) || currentLoanBalance < 0 || isNaN(currentMonthlyPayment) || currentMonthlyPayment < 0 || isNaN(remainingMonthsCurrent) || remainingMonthsCurrent < 1 || isNaN(newMonthlyPayment) || newMonthlyPayment < 0 || isNaN(newLoanTermMonths) || newLoanTermMonths < 1) { resultDiv.innerHTML = 'Please enter valid positive numbers for all fields.'; return; } // Calculations var totalRemainingCurrentCost = currentMonthlyPayment * remainingMonthsCurrent; var totalNewLoanCost = newMonthlyPayment * newLoanTermMonths; var totalSavings = totalRemainingCurrentCost – totalNewLoanCost; var monthlySavings = currentMonthlyPayment – newMonthlyPayment; var outputHTML = '

Comparison Results:

'; outputHTML += 'Total Remaining Cost (Current Loan): $' + totalRemainingCurrentCost.toFixed(2) + "; outputHTML += 'Total Cost (Proposed New Loan): $' + totalNewLoanCost.toFixed(2) + "; if (totalSavings > 0) { outputHTML += 'Estimated Total Savings: $' + totalSavings.toFixed(2) + "; } else if (totalSavings < 0) { outputHTML += 'Estimated Total Additional Cost: $' + Math.abs(totalSavings).toFixed(2) + "; } else { outputHTML += 'No Change in Total Cost.'; } if (monthlySavings > 0) { outputHTML += 'Estimated Monthly Savings: $' + monthlySavings.toFixed(2) + "; } else if (monthlySavings < 0) { outputHTML += 'Estimated Monthly Additional Cost: $' + Math.abs(monthlySavings).toFixed(2) + "; } else { outputHTML += 'No Change in Monthly Payment.'; } resultDiv.innerHTML = outputHTML; } .calculator-container { font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif; background-color: #f9f9f9; padding: 25px; border-radius: 10px; box-shadow: 0 4px 12px rgba(0, 0, 0, 0.1); max-width: 600px; margin: 30px auto; border: 1px solid #e0e0e0; } .calculator-container h2 { text-align: center; color: #333; margin-bottom: 25px; font-size: 1.8em; } .calculator-content { display: flex; flex-direction: column; } .input-group { margin-bottom: 18px; display: flex; flex-direction: column; } .input-group label { margin-bottom: 8px; color: #555; font-size: 1em; font-weight: 600; } .input-group input[type="number"] { padding: 12px; border: 1px solid #ccc; border-radius: 6px; font-size: 1.1em; width: 100%; box-sizing: border-box; transition: border-color 0.3s ease; } .input-group input[type="number"]:focus { border-color: #007bff; outline: none; box-shadow: 0 0 0 3px rgba(0, 123, 255, 0.25); } .calculate-button { background-color: #007bff; color: white; padding: 14px 25px; border: none; border-radius: 6px; font-size: 1.15em; cursor: pointer; margin-top: 20px; transition: background-color 0.3s ease, transform 0.2s ease; align-self: center; width: auto; min-width: 200px; } .calculate-button:hover { background-color: #0056b3; transform: translateY(-2px); } .calculate-button:active { transform: translateY(0); } .result-container { margin-top: 30px; padding: 20px; background-color: #e9f7ff; border: 1px solid #cce5ff; border-radius: 8px; font-size: 1.1em; color: #333; } .result-container h3 { color: #007bff; margin-top: 0; margin-bottom: 15px; text-align: center; font-size: 1.5em; } .result-container p { margin-bottom: 10px; line-height: 1.6; } .result-container p strong { color: #0056b3; } .result-container .success { color: #28a745; font-weight: bold; } .result-container .warning { color: #dc3545; font-weight: bold; } .result-container .error { color: #dc3545; font-weight: bold; text-align: center; } @media (max-width: 480px) { .calculator-container { padding: 15px; margin: 20px auto; } .calculator-container h2 { font-size: 1.5em; } .input-group label { font-size: 0.95em; } .input-group input[type="number"] { font-size: 1em; padding: 10px; } .calculate-button { padding: 12px 20px; font-size: 1em; min-width: unset; width: 100%; } .result-container { font-size: 1em; padding: 15px; } }

Understanding Your Car Refinance Comparison

Refinancing your car loan can be a smart financial move, potentially lowering your monthly payments or reducing the total cost of your loan. However, it's crucial to understand the direct financial impact of such a decision. Our Car Refinance Comparison Calculator helps you do just that by comparing your current loan situation with a proposed new one, focusing on the tangible differences in payments and overall expenditure.

What is Car Refinancing?

At its core, car refinancing involves taking out a new loan to pay off your existing car loan. People typically consider refinancing for several reasons:

  • Lower Monthly Payments: By extending the loan term or securing a better rate (which would lead to a lower proposed monthly payment), you can reduce your monthly financial burden.
  • Reduce Total Cost: If you can secure a significantly lower monthly payment over a similar or shorter term, you might save money over the life of the loan.
  • Change Loan Terms: You might want to adjust the length of your loan to better suit your current financial situation.

How This Calculator Works

Unlike calculators that determine loan payments based on interest rates and principal, this tool focuses on a direct comparison of your current financial commitment versus a new, proposed commitment. You provide the key figures for both your existing loan and the potential new loan, and the calculator reveals the financial difference.

Here's what you'll need to input:

  • Current Outstanding Loan Balance: The remaining amount you owe on your existing car loan.
  • Current Monthly Payment: The amount you currently pay each month for your car.
  • Remaining Months on Current Loan: How many months are left until your current loan is fully paid off.
  • Proposed New Monthly Payment: The new monthly payment amount you've been quoted or are considering for a refinanced loan.
  • Proposed New Loan Term (Months): The total number of months for the new, refinanced loan.

What the Results Mean

Once you input your figures, the calculator will provide two key metrics:

  • Total Remaining Cost (Current Loan): This is the total amount you would pay if you continued with your current loan until its completion. It's simply your current monthly payment multiplied by the remaining months.
  • Total Cost (Proposed New Loan): This is the total amount you would pay if you took on the new, refinanced loan. It's calculated by multiplying your proposed new monthly payment by the proposed new loan term.
  • Estimated Total Savings/Additional Cost: This figure shows the difference between the total remaining cost of your current loan and the total cost of the proposed new loan. A positive number indicates savings, while a negative number indicates an additional cost over the life of the loan.
  • Estimated Monthly Savings/Additional Cost: This is the direct difference between your current monthly payment and the proposed new monthly payment. It tells you how much more or less you'd be paying each month.

Example Scenario:

Let's say you have the following situation:

  • Current Outstanding Loan Balance: $15,000
  • Current Monthly Payment: $350
  • Remaining Months on Current Loan: 48 months
  • Proposed New Monthly Payment: $300
  • Proposed New Loan Term (Months): 60 months

Using the calculator:

  • Total Remaining Cost (Current Loan): $350 * 48 = $16,800
  • Total Cost (Proposed New Loan): $300 * 60 = $18,000
  • Estimated Total Additional Cost: $16,800 – $18,000 = -$1,200 (You would pay $1,200 more overall)
  • Estimated Monthly Savings: $350 – $300 = $50 (You would save $50 each month)

In this example, while your monthly payment decreases by $50, the longer term of the new loan means you would pay an additional $1,200 over the entire life of the loan. This highlights the importance of looking at both monthly payments and total cost when considering refinancing.

Important Considerations

While this calculator provides a clear financial comparison, remember that other factors can influence your refinancing decision, such as potential fees associated with the new loan, your credit score, and your long-term financial goals. Always consider all aspects before making a decision.

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