Auto Loan Early Payoff Calculator
Estimate early loan payoff and interest savings from monthly extra payments.
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Currency: Amounts are calculated in the currency you select; this site does not convert between currencies and does not use live exchange rates.
What this tool does
Estimate early loan payoff and interest savings from monthly extra payments. Monthly amortization model; no prepayment penalties, daily interest or fees.
How to use the Auto Loan Early Payoff Calculator
- Enter or select current loan balance.
- Enter or select apr (%).
- Enter or select required monthly payment.
- Enter or select extra monthly payment.
- Read the calculated result; change any measurement to compare alternatives.
Formula
monthly interest=balance×APR/1200; payment=min(balance+interest,required+extra); repeat until balance=0
- balance
- Current loan balance
- apr
- APR (%)
- payment
- Required monthly payment
- extra
- Extra monthly payment
Monthly amortization model; no prepayment penalties, daily interest or fees.
Worked example
For auto loan early payoff calculator, the following measurements illustrate the exact method: Current loan balance: 20000; APR (%): 6; Required monthly payment: 400; Extra monthly payment: 100.
Inputs
- Current loan balance20000
- APR (%)6
- Required monthly payment400
- Extra monthly payment100
Result
- Months with extra payment45
- Months saved13
- Interest saved$701.94
- Interest with extra payment$2,370.33
Results explained
- Months with extra payment
- Months with extra payment from the formula above. Monthly amortization model; no prepayment penalties, daily interest or fees.
- Months saved
- Months saved from the formula above. Monthly amortization model; no prepayment penalties, daily interest or fees.
- Interest saved
- Interest saved from the formula above. Monthly amortization model; no prepayment penalties, daily interest or fees.
- Interest with extra payment
- Interest with extra payment from the formula above. Monthly amortization model; no prepayment penalties, daily interest or fees.
Frequently asked questions
monthly interest=balance×APR/1200; payment=min(balance+interest,required+extra); repeat until balance=0
Use the tire sidewall markings, actual vehicle specifications or recorded fuel/price values required by the inputs. Do not mix US gallons and imperial gallons.
Monthly amortization model; no prepayment penalties, daily interest or fees.
Yes. Change the relevant size, price or efficiency while keeping the other inputs constant. Results update immediately.
No. Check manufacturer fitment, load and speed ratings, clearance and local requirements with a qualified technician.