If you’re making extra payments toward your car loan, or considering it, this car loan payoff calculator shows you exactly how much sooner you’d pay off the loan and how much interest you’d save. Even relatively small extra payments applied directly to principal can shave months off your loan term, since every dollar that goes toward principal early reduces the interest that accrues on your remaining balance for the rest of the loan.
Add extra payments or set a goal date and see exactly how much you’ll save.
Balance Over Time
Accelerated Payoff Schedule
| Date / Pmt | Principal | Interest | Balance |
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Before making extra payments, check your loan agreement for a prepayment penalty, since some lenders charge a fee for paying off a loan ahead of schedule — our article on whether prepaying your auto loan early is worth it covers this in more detail. If a biweekly payment schedule works better for your budget than occasional lump sums, our biweekly auto loan calculator shows a similar payoff acceleration using a different payment structure.