Car Loan Payoff Calculator
See how making extra monthly payments could help you
pay off your car loan sooner and reduce your interest costs.
Enter your remaining loan balance, interest rate, remaining
loan term and extra monthly payment in the white box.
The orange box shows your estimated savings and payoff time.
How the Car Loan Payoff Calculator works
This calculator estimates how quickly you could pay off your remaining car loan balance by making additional monthly payments.
Your current monthly payment is estimated using your remaining balance, interest rate and remaining loan term. The extra monthly payment is added to this amount to calculate your accelerated repayment schedule.
Interest is calculated monthly on the remaining balance. Extra payments are assumed to go directly toward reducing the principal, helping reduce future interest charges.
The calculator assumes a fixed interest rate, no early repayment penalties and that your lender applies extra payments to the principal. Actual loan terms and repayment schedules may vary.