Thinking of buying a car? Own a car that isn't paid off but are thinking of trading it in? Wondering how much faster you could pay off your car by making extra payments? This Auto Loan Payoff Calculator can help you with all that and more.
This calculator will not only figure out your monthly car payments, it can also tell you what your remaining loan balance will be at any point in the loan. It also lets you determine the impact of making accelerated payments, showing not only now much faster you can pay off the loan but how much interest you'd save as well.

Auto Loan Payoff Calculator Overview

Most auto dealers advertise car prices based on monthly payments. But those are often based on the longest loan term available – often five or six years. What if you want to pay it off faster than that? Or maybe their monthly price is based on a lease? Or if you don't want to use dealer financing at all and go with a different lender who's offering a better interest rate?

This Auto Loan Payoff Calculator allows you to calculate your monthly payments yourself, based on the loan amount, interest rate and length of the loan. It will also show how much interest you'll pay over the life of the loan, and how changing various factors – interest rate, loan length, monthly payments – would increase or decrease your interest costs.

One of the key features of this calculator is the accelerated payments option.   This allows you to see what the effect of paying a bit extra on your car payments each month would be – how much faster you'd pay off the loan and how much interest you'd save.

It also allows you to see what the effect would be of boosting your payments at any point in the loan. So if you've been making regular payments on your car for two years and want to see the effect of increasing your payments now, you can do that.

Most auto loans allow you to make additional payments or pay the loan off early without penalty, so boosting your monthly payments could save you hundreds of dollars, or even more.


How to use this calculator

Start by entering the number of months remaining on your car loan, then enter the full length of the loan, in months. If you're looking to take out a loan, simply enter the length of the loan in both places.

Enter the amount of the loan, the interest rate and, if applicable, the size of any additional monthly payment you'd like to make. If you're just trying to determine your basic monthly payments, just enter "0."  Your monthly payment will be immediately displayed. If you entered an additional payment, the length your loan will be shortened by will appear above the calculator.

Expanding the "Auto Loan Balances and Interest" section below the calculator will display a graph illustrating the rate you will pay down your loan with and without any additional payments, plus your accumulated interest charges over time.

For the full amortization schedule, choose whether you want to see monthly or annual amortization, then click "View Report" at the top of the page.  You'll then see a page showing how much you'll shorten your loan by, the graph illustrating your amortization, a summary of the loan and a line-by-line table showing the amortization of the loan over time and comparing regular vs. accelerated payments.

If you're looking to trade in your car at some point in the future, the amortization schedule is useful in that it lets you know exactly how much you'll still owe on the loan at any point in time. You can then use this information, combined with the vehicle's depreciation, to estimate what your trade-in value would be.


Interested in a home loan or home equity line of credit? Click the "Get Free Quote" box at the top of the page.
 Auto Loan Payoff Calculator Overview

Most auto loan lenders allow borrowers to prepay on the principal balance of their loan without a prepayment penalty. If you can manage to either increase your payments or apply a lump sum you may receive toward the principal balance, you should think about doing so. 

Paying off the auto loan early shortens the period of time that the loan is in place and also decreases the total amount of interest that you will pay on the loan in the long run. While it may be difficult to part with a larger sum up front, paying off your loan early can potentially save you thousands of dollars overall.

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