Car Loan Early Payoff Calculator

Car Loan Early Payoff Calculator

Calculate how much you can save by paying off your auto loan early

Loan Details

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%
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Check your loan agreement for prepayment penalties before making extra payments

Savings Summary

Total Interest Savings
$1,234.56
Original Loan Term 60 months
Remaining Term (no extra) 48 months
New Term (with extra) 36 months
Total Interest (no extra) $4,321.00
Total Interest (with extra) $3,086.44
Months Saved 12 months
New Monthly Payment $589.22

Loan Terms Explained

Amortization Schedule

The schedule showing how each payment is split between principal and interest over the life of your loan.

Annual Percentage Rate (APR)

The annual rate charged for borrowing, including interest and fees, expressed as a percentage.

Principal Balance

The remaining amount of your original loan that you still owe, not including interest.

Prepayment Penalty

A fee some lenders charge if you pay off your loan early. Always check your loan agreement.

Tips for Paying Off Your Loan Early

  • Round up your payments (e.g., pay $500 instead of $489.22)
  • Make bi-weekly payments instead of monthly
  • Apply tax refunds or bonuses to your principal
  • Refinance to a lower interest rate if possible
  • Always specify "apply to principal" when making extra payments

Amortization Schedule

View:
Period Payment Principal Interest Balance
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