Car Loan Payoff Calculator
Find out how much faster you can pay off your car — and how much interest you save — with extra payments.
- Payoff time with extra payments—
- Paid off sooner by—
- Payoff time without extra—
- Interest without extra—
- Interest with extra—
- Payoff date—
Saved scenarios
100% private. Everything is calculated in your browser. Nothing you type is sent or stored on a server.
Estimates for education only — not financial, tax or legal advice. Lenders may calculate taxes and fees differently by state or province. Always check your contract.
How extra payments shorten a car loan
Each month, interest is charged on the remaining balance. Any extra money that goes to principal lowers that balance, so every later payment contains less interest and more principal. This auto loan payoff calculator simulates the loan month by month with and without your extra payments.
Worked example
An $18,000 balance at 7% APR with a $400 payment takes about 53 months to pay off. Adding $100 a month clears it in about 41 months — a year sooner — and saves about $676 in interest.
Tips
- Tell your lender to apply extra payments to principal, not to the next month's payment.
- Check for prepayment penalties (rare on auto loans, but they exist).
- If your APR is high, refinancing may save more: compare with the auto refinance calculator.
Frequently asked questions
Is it smart to pay off a car loan early?
It saves interest and frees up your budget. If you have high-interest credit card debt or no emergency fund, those usually come first.
How much do I save with an extra $100 a month?
It depends on the balance and APR. Enter your numbers: the calculator shows the interest saved and how many months sooner you finish.
Are extra payments applied to principal?
Not always automatically. Ask your lender, or mark the payment as principal-only.
Can I make a one-time lump sum payment?
Yes. Enter it in the one-time payment field to see its effect.
Why does my payment have to be higher than the interest?
If the payment is lower than the monthly interest, the balance never goes down.
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