Auto loan payoff
Car loan calculator with extra payments
See how an extra monthly amount or one-time principal payment may change your car loan payoff date and interest. Add a fee only if your lender confirms one.
What changes when you pay extra?
Start with the remaining balance and your current required payment, not the car's purchase price or original loan amount. The result compares paying that regular amount until the loan is gone with paying it plus the extra amounts you enter. The difference is an estimate of months and interest avoided. It is not a lender payoff quote, and an extra payment does not necessarily lower your required monthly bill.
How this calculator works
This is a planning model for a simple-interest auto loan. It estimates one monthly interest charge on the remaining principal, then subtracts the regular payment and any monthly extra amount. A one-time payment reduces principal immediately before the first modeled month. The two extra inputs are combined in one plan, compared with your regular-payment-only plan.
monthly interest = remaining principal x annual contract interest rate / 12
new principal balance = prior balance + monthly interest - regular payment - extra principal
Use the contract interest rate if it differs from the disclosed APR. APR can include finance costs beyond interest. The tool assumes no overdue fees or interest, that the lender applies extra money to principal, and that the regular payment continues until payoff. It does not model daily accrual, precomputed interest, refunds of unearned finance charges, or payment-date changes. The CFPB explains why loan type matters.
Worked example
With a $18,500 principal balance, 7.25% contract rate, and $425 regular payment, the model gives roughly 51 months and $3,031 of remaining interest. Adding $75 each month and $1,000 now shortens the estimate to roughly 40 months and $2,221 of interest. That is about $810 saved before fees. If your lender confirms a $200 fee for this exact plan, enter it to see roughly $610 after that fee; the tool does not predict whether a fee applies.
Before paying off a car loan early
Interest savings depend on the contract and payment allocation. The CFPB says auto loan prepayment penalties depend on the contract and state law. The CFPB also explains that fees and interest generally come before principal. Read our prepayment penalty and principal payment checklist before using the fee input. Cash reserves and higher-rate debts also affect the choice.
Related tools & guides
- Buying decision: Best car loan down payment and term
- Decision guide: Is it bad to pay off a car loan early?
- Contract check: Auto loan prepayment penalties and extra principal payments
- Choosing between loans: Extra payment on a car loan or mortgage?
- Compare other debt: Debt Payoff Calculator
- Plan monthly cash flow: Monthly Budget Calculator
Common questions
Does the calculator know whether my loan has a prepayment penalty?
No. Check the contract, request a written payoff quote if paying in full, and ask whether the charge also applies to partial extra principal payments. Enter only a fee your lender has confirmed for the plan you are testing.
Can I use this for a precomputed-interest loan?
No. Extra payments and interest rebates can work differently on those loans. Ask the lender for an amortization or payoff statement specific to your agreement.
Why does the actual payoff quote differ?
A quote can include daily accrued interest, unpaid charges, a valid-through date, and contract-specific terms. The calculator is a monthly estimate.
Should I enter the car's value or original loan amount?
No. Use the unpaid principal from a recent loan statement. This calculator estimates the debt payoff, not the vehicle's resale value or the cost of buying a new car.
Sources and review
- CFPB: auto loan prepayment penalties
- CFPB: how payments reach principal
- CFPB: simple versus precomputed interest
WealthScope Hub maintains this model and its source notes. Please send calculation errors to wangsuperyu@outlook.com. No personal financial credential or independent third-party review is claimed. See our editorial policy.
Important note
This simple-interest monthly model is educational only. It excludes daily timing, precomputed interest, other fees, rebates, insurance, taxes, and payment processing variations. The optional fee is user-entered, not a legal determination. Verify payoff details and principal allocation with your lender before sending extra money. See our disclaimer.