Auto Loan Payoff Calculator
Same engine, faster lane. Car loans run 60-72 months, so every extra dollar of principal saves proportionally more interest than on a mortgage. Enter your numbers and see the gap.
Current plan payoff
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With extra payments
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Interest saved
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Interest — current plan
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Interest — with extra
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New effective payment
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Current plan With extra payments
Yearly amortization (with extra payments)
| Year | Principal paid | Interest paid | Remaining balance |
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Why paying off a car loan early hits harder
Auto loans are short and front-loaded with interest just like student loans — but because the term is only 5-6 years, extra payments have less time to work, so each one does proportionally more. On a typical $28,000 loan at 7.4%, one extra $100/month payment shaves months off the term and hundreds in interest.
Before you prepay, check two things
- Prepayment penalties — rare on modern auto loans, but verify in your contract.
- Simple interest vs. precomputed — simple interest (nearly all modern loans) rewards early payoff; precomputed loans don't.
For educational purposes only, not financial advice. Confirm payoff amounts and penalties with your lender.