Calculate how extra payments can help you pay off your car loan faster. See months saved, interest saved, and a detailed payoff schedule. Check for prepayment penalties before paying extra. No signup required.
See how many months faster you pay off the loan.
Understand total interest you save.
See updated payoff date and schedule.
Try different extra payment amounts.
Monthly, yearly, or one-time extra payments.
Compare to refinancing with our refinance calculator.
See how extra payments can accelerate your loan payoff and save money.
| Mo | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $450 | $356 | $94 | $14,644 |
| 2 | $450 | $358 | $92 | $14,285 |
| 3 | $450 | $361 | $89 | $13,925 |
| 4 | $450 | $363 | $87 | $13,562 |
| 5 | $450 | $365 | $85 | $13,196 |
| 6 | $450 | $368 | $82 | $12,829 |
| 7 | $450 | $370 | $80 | $12,459 |
| 8 | $450 | $372 | $78 | $12,087 |
| 9 | $450 | $374 | $76 | $11,712 |
| 10 | $450 | $377 | $73 | $11,336 |
| 11 | $450 | $379 | $71 | $10,956 |
| 12 | $450 | $382 | $68 | $10,575 |
Paying off early saves interest and frees up cash flow. Compare the interest you'd save to what you'd earn elsewhere and any prepayment fees.
It can cause a small, temporary dip because you're closing an account. Long term, less debt is usually better.
If you're about to apply for a mortgage, ask your lender before paying off your car loan early.
Common questions about this tool
Paying off early saves interest and frees up cash flow. Compare the interest you’d save to what you’d earn elsewhere (e.g., savings or investments) and any prepayment fees.
It can cause a small, temporary dip because you’re closing an account. Long term, less debt is usually better. If you’re about to apply for a mortgage, ask your lender before paying off early.
Calculate your monthly payment with amortization schedule and total interest.
Calculate monthly lease payment, money factor, and total lease cost.
Use the 10-15% rule to find your car budget based on income.
Check your estimated auto loan rate and approval likelihood.