Car Loan Payoff Calculator: Extra Payments & Interest Savings
Estimate how long it takes to repay a car loan from its current principal balance, interest rate, and monthly payment. Compare your regular payments with a recurring extra payment.
Compare your car loan payoff plans
Use your outstanding principal balance, not the original car price. Enter the principal-and-interest part of your payment, excluding insurance, fees, and other charges. The model assumes fixed nominal annual interest and monthly payments.
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Estimated repayment with your extra payment
- Estimated interest saved
- Estimated time saved
| Measure | Regular | With extra |
|---|---|---|
| Scheduled payment | ||
| Payments to payoff | ||
| Remaining interest | ||
| Total remaining payments | ||
| Final payment |
These are model months counted from the current principal, with no accrued interest at the starting point. This is not a calendar payoff date or an official lender payoff amount. Fees, penalties, daily-interest rules, precomputed interest, and rate changes are excluded.
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For examples and lender-crediting questions, read our guide to paying off a car loan early.
How a car loan payoff calculator works
Each month, the model adds interest to the remaining principal, then subtracts the payment. A recurring extra payment reduces the balance sooner, which can reduce future interest. The last payment is limited to the amount still owed under the model.
Monthly interest = outstanding balance x nominal annual rate / 12. Enter 6 for a 6% annual rate. The tool rounds monthly interest to the nearest cent, with half cents rounded up.
Extra payments and your lender
Confirm that extra funds are applied to principal and that there are no prepayment penalties or program fees. Advancing the next due date is not necessarily the same as immediately reducing principal. Keep making required payments unless your lender instructs otherwise.
Frequently asked questions
Is this a lender payoff quote?
No. An official payoff amount may include interest accrued since your last payment, fees, and a date through which the quote is valid. Request that amount directly from your lender.
Should I enter APR?
Use the nominal annual interest rate charged on the balance. APR can include fees and may differ from the contract interest rate; substituting it can change the estimate.
What if my loan uses daily simple interest?
Actual interest depends on dates and days between payments. This tool uses equal monthly periods and no accrued interest at the starting point, so results can differ from your statement.
Can I compare a loan with no extra payments?
Yes. Leave extra blank or enter zero; the two schedules will match.
What if the payment is too small?
The tool requires the regular payment to exceed each modeled interest charge and repay the balance within 1,200 months. If it cannot, it asks for a larger regular payment rather than showing an incomplete comparison.
What input limits apply?
Balance must be positive and at most $100 million. Each monthly payment input accepts up to $1 million and two decimal places. The regular payment must be positive; extra can be zero. The annual interest rate can range from 0% to 50%, with four decimal places.
For a home loan payment estimate, use our Mortgage Payment Calculator. For a savings target, use our Savings Calculator.
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