Early Payoff Calculator
Analyze the benefits of making extra payments and optimize your payoff strategy
Loan Details
Original Plan
With Extra Payments
Savings Summary
Payment Schedule Comparison
Compare payment details between original and accelerated plans
| Month | Payment ($) | Principal ($) | Interest ($) | Remaining Balance ($) |
|---|---|---|---|---|
| 1 | 477.53 | 362.95 | 114.58 | 24637.05 |
| 2 | 477.53 | 364.61 | 112.92 | 24272.45 |
| 3 | 477.53 | 366.28 | 111.25 | 23906.16 |
| 4 | 477.53 | 367.96 | 109.57 | 23538.21 |
| 5 | 477.53 | 369.65 | 107.88 | 23168.56 |
| 6 | 477.53 | 371.34 | 106.19 | 22797.22 |
| 7 | 477.53 | 373.04 | 104.49 | 22424.18 |
| 8 | 477.53 | 374.75 | 102.78 | 22049.43 |
| 9 | 477.53 | 376.47 | 101.06 | 21672.96 |
| 10 | 477.53 | 378.19 | 99.33 | 21294.76 |
| 11 | 477.53 | 379.93 | 97.60 | 20914.83 |
| 12 | 477.53 | 381.67 | 95.86 | 20533.17 |
| 13 | 477.53 | 383.42 | 94.11 | 20149.75 |
| 14 | 477.53 | 385.18 | 92.35 | 19764.57 |
| 15 | 477.53 | 386.94 | 90.59 | 19377.63 |
| 16 | 477.53 | 388.71 | 88.81 | 18988.91 |
| 17 | 477.53 | 390.50 | 87.03 | 18598.42 |
| 18 | 477.53 | 392.29 | 85.24 | 18206.13 |
| 19 | 477.53 | 394.08 | 83.44 | 17812.05 |
| 20 | 477.53 | 395.89 | 81.64 | 17416.16 |
| 21 | 477.53 | 397.71 | 79.82 | 17018.45 |
| 22 | 477.53 | 399.53 | 78.00 | 16618.92 |
| 23 | 477.53 | 401.36 | 76.17 | 16217.56 |
| 24 | 477.53 | 403.20 | 74.33 | 15814.37 |
| 25 | 477.53 | 405.05 | 72.48 | 15409.32 |
| 26 | 477.53 | 406.90 | 70.63 | 15002.42 |
| 27 | 477.53 | 408.77 | 68.76 | 14593.65 |
| 28 | 477.53 | 410.64 | 66.89 | 14183.01 |
| 29 | 477.53 | 412.52 | 65.01 | 13770.48 |
| 30 | 477.53 | 414.41 | 63.11 | 13356.07 |
| 31 | 477.53 | 416.31 | 61.22 | 12939.76 |
| 32 | 477.53 | 418.22 | 59.31 | 12521.53 |
| 33 | 477.53 | 420.14 | 57.39 | 12101.40 |
| 34 | 477.53 | 422.06 | 55.46 | 11679.33 |
| 35 | 477.53 | 424.00 | 53.53 | 11255.33 |
| 36 | 477.53 | 425.94 | 51.59 | 10829.39 |
| 37 | 477.53 | 427.89 | 49.63 | 10401.50 |
| 38 | 477.53 | 429.86 | 47.67 | 9971.64 |
| 39 | 477.53 | 431.83 | 45.70 | 9539.81 |
| 40 | 477.53 | 433.80 | 43.72 | 9106.01 |
| 41 | 477.53 | 435.79 | 41.74 | 8670.22 |
| 42 | 477.53 | 437.79 | 39.74 | 8232.43 |
| 43 | 477.53 | 439.80 | 37.73 | 7792.63 |
| 44 | 477.53 | 441.81 | 35.72 | 7350.82 |
| 45 | 477.53 | 443.84 | 33.69 | 6906.98 |
| 46 | 477.53 | 445.87 | 31.66 | 6461.11 |
| 47 | 477.53 | 447.92 | 29.61 | 6013.19 |
| 48 | 477.53 | 449.97 | 27.56 | 5563.22 |
| 49 | 477.53 | 452.03 | 25.50 | 5111.19 |
| 50 | 477.53 | 454.10 | 23.43 | 4657.09 |
| 51 | 477.53 | 456.18 | 21.34 | 4200.90 |
| 52 | 477.53 | 458.27 | 19.25 | 3742.63 |
| 53 | 477.53 | 460.38 | 17.15 | 3282.25 |
| 54 | 477.53 | 462.49 | 15.04 | 2819.77 |
| 55 | 477.53 | 464.61 | 12.92 | 2355.16 |
| 56 | 477.53 | 466.73 | 10.79 | 1888.43 |
| 57 | 477.53 | 468.87 | 8.66 | 1419.55 |
| 58 | 477.53 | 471.02 | 6.51 | 948.53 |
| 59 | 477.53 | 473.18 | 4.35 | 475.35 |
| 60 | 477.53 | 475.35 | 2.18 | 0.00 |
Auto Loan Payoff Calculator — See How Much You Can Save
Calculate how extra monthly payments reduce your loan term and interest. Discover the fastest way to pay off your car or personal loan early.
How to Calculate Your Auto Loan Payoff & Save Money
Take control of your car loan and discover how to become debt-free faster. Our Auto Loan Payoff Calculator shows you exactly how much interest you can save and how quickly you can pay off your loan by making extra payments.
How Does Paying Off a Loan Early Work? The Power of Reducing Principal
When you make a standard monthly payment, a large portion goes toward interest, especially in the early stages of the loan. Making extra payments directly attacks the loan's principal balance—the original amount you borrowed.
Here's the powerful effect:
- Less Interest Accrual: Interest is calculated on the remaining principal. By reducing the principal faster with extra payments, you lower the amount of interest that can accrue over time.
- The Snowball Effect: Every dollar above your minimum payment that goes toward principal saves you all the future interest that would have been charged on that dollar. This creates a snowball effect, accelerating your path to being debt-free.
Two Proven Payoff Strategies:
- Debt Avalanche (Save the Most Money): Focus on paying off the loan with the highest interest rate first. This mathematically saves you the most on interest.
- Debt Snowball (Build Momentum): Focus on paying off the smallest loan balance first. The psychological win of quickly paying off a debt can provide motivation to continue.
Use our calculator above to simulate both strategies and see which one works best for your financial situation.
Frequently Asked Questions
Question 1: How can I calculate my auto loan payoff based on my current balance?
Answer: Our calculator is designed for exactly this! Simply enter your current loan balance (not the original amount), your interest rate, and your remaining loan term. This will give you an accurate baseline before you add any extra payments.
Question 2: Is it worth it to pay off a car loan early?
Answer: In most cases, yes. Paying off a car loan early saves you money on interest and frees up your monthly cash flow. The only exception might be if your loan has an exceptionally low interest rate (lower than what you could earn by investing that money). Our calculator shows you the exact savings, so you can decide for sure.
Question 3: How do extra payments affect my auto loan?
Answer: Extra payments are applied directly to your loan principal. This reduces the balance that future interest is calculated on, allowing you to pay off the loan faster and save a significant amount on total interest costs. Even small extra payments can make a big difference over time.
Question 4: What's the difference between bi-weekly and monthly payments?
Answer: With bi-weekly payments, you pay half your monthly amount every two weeks. This results in 26 half-payments, or 13 full monthly payments, in a year. That one extra full payment per year can shorten your loan term by months or even years. Our calculator can model this strategy for you.
Question 5: Will I be charged a penalty for paying off my auto loan early?
Answer: Some lenders include a prepayment penalty in their loan terms. It's crucial to review your loan agreement or contact your lender directly to confirm. Most auto loans do not have them, but it's always best to check.