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Free Calculator

Auto Loan Early Payoff Calculator

Free to use, runs entirely in your browser — no email, no signup.

Pay Your Car Loan Faster and Determine Savings of Extra Payments



Tutorial for the Car Loan Early Payoff Calculator.

How to Use the Calculator

The calculator is very straight forward. Enter your total loan, interest rate and term (such as 60 months). Then enter the number of months you have left, if it is a brand new loan then just have the total months left equal the term. Add your additional monthly payment amount, in other words how much are you going to add to your payment. As an example, if you have a $529 monthly payment and you will add another $100 then just put $100 into the “What is your additional monthly payment?” box.

Summary : by modifying your additional monthly payment you can see your savings in real time, change the amount to see your total savings of time and money.

You'll shorten your loan by months and save in interest by paying instead of per month.


How we calculate interest

This calculator uses a monthly interest rate equal to your APR divided by 12 (a 24% APR becomes 2% per month). That is exactly how U.S. credit card companies and most lenders charge interest each month, so the totals here reflect what you would really pay.

If another calculator shows you a different number, it is almost always because it converts the rate a different way. Some use an “effective annual” formula — (1 + APR)1/12 − 1 — which gives a slightly lower monthly rate and makes debt look cheaper and quicker to pay off than it actually is. Others compound daily (APR ÷ 365), which runs a few dollars higher. We deliberately use the plain APR ÷ 12 method because it matches your statement. Small differences between tools are normal and come down to this single choice.