Auto Loan Payoff Calculator
Enter your balance, APR and months left, then add an extra payment. A $18,000 balance at 6.5 percent over 48 months with $100 extra each month pays off in 38 months, which is 10 months sooner, and saves $531.22 in interest.
How the auto loan payoff calculator works
Extra payments on a car loan go straight to principal, so you owe interest on a smaller balance each month and finish sooner. The calculator works out your regular payment from the balance, rate and months left, then simulates paying the extra amount every month.
The formulas
Example: On $18,000 at 6.5 percent over 48 months, the regular payment is $426.87 and interest would total $2,489.72. Adding $100 a month finishes the loan in 38 months, which is 10 months sooner, and saves $531.22 in interest.
Notes and limits
- Ask your lender to apply extra money to principal and check for prepayment penalties.
- Simple interest auto loans are assumed. Precomputed loans work differently.
- Paying a lump sum early has a similar effect.
Figures are estimates for planning and are not financial advice. Check your own agreement or statement for exact terms.
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Frequently asked questions
How do I pay off my car loan faster?
Add an extra amount each month and ask that it be applied to principal.
How much interest will extra payments save?
The default $100 a month saves $531.22.
Is there a penalty for paying early?
Some loans have one. Check your contract.
Does it matter when I pay extra?
Sooner is better, because it reduces the balance that earns interest.
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