Auto Loan Payoff Calculator

Want to see what you can save by paying a little extra every month? We think you’ll like it.

Are you the type that likes to work the system? Use this auto loan payoff calculator, and see how putting down a bit extra every month can actually shorten the life of your loan. Every little bit helps, but don’t take our word for it. See for yourself.
Family smiling and looking at a laptop.

A Little Extra

Fill in the boxes below to see how putting additional money toward your monthly payment may affect your payoff amount.

$
mo
%
mo
$
$

Please check the numbers

Loan term shortened by

0

Total interest saving

0

How Much Car Can I Afford?

Great question. Fill in the boxes below to help with the answer and determine what price you can afford to pay for a car.

$
mo
%
$

Please check the numbers

You may be able to afford a loan amount up to

0

Estimate your monthly new or used car loan payment

This tool can help you figure out how much you might spend each month for your car.

$
mo
%
$

Please check the numbers

Your monthly payment would be

0

The Refinance Option

Fill in the boxes below to discover if you can save money by refinancing your current vehicle.

Current loan

$
$
%

New loan

$
mo
%

Please check the numbers

Monthly payment saving

0

Monthly payment

0(current)

0(new)


Interest saving

0

Interest payment

0(current)

0(new)


Change in Cost

To see the potential savings in fuel cost from your current vehicle to a new one, fill in the blanks below.

MPG
MPG
miles
$/gal
Avg. regular fuel price is

Please check the numbers

Annual fuel savings with the new car

0

*APR is the Annual Percentage Rate or the cost of your credit at a yearly rate.

There’s no question about it. Knowing every detail of the car loan BEFORE you get into it is vitally important. But did you know that you could actually save money AFTER you have signed on the dotted line? Take the auto loan payoff calculator above to see what we mean. It’s simple. Paying more than your scheduled loan amount in a given month actually reduces the total amount you owe, called the principal, without that money going to pay for interest. And once you complete paying off the entire principal, you’re done. If you have reduced the life of your loan by, let’s say, three months, then that is three months of interest payments that you will never have to pay. You can actually reduce the overall amount you would have paid if you pay off your loan early. Once you learn about the details of the loan process and how they apply to you, you can apply for financing with confidence, and get on the road.
  • Down payment on a car How much should a down payment on a car be?-   A down payment on a car will be a requirement from the lender in many cases, and can also offer the borrower significant benefits, so deciding what you may be able to pay up front is time well spent. Twenty percent has long been recommended for new-car purchases, largely to offset depreciation. As new cars depreciate by a fifth in their first year, covering this amount with a down payment helps prevent becoming upside down, when the borrower owes more than the value of the vehicle. Negative equity can lead to a number of problems. For example, if your car is totaled or stolen, an insurance company will typically...
  • How to pay off a car early How to pay off a car early and save money-       Think what you might do with no monthly car payments in your budget. Take more vacations, enjoy more evenings out or build up a savings pot for the future, perhaps. Whatever it is, pay off your car early and not only is that debt behind you, but you may have made a decent saving in interest charges, too. There are several common approaches to paying off a vehicle early, which center on making more frequent payments; regular extra payments; an occasional large payment; a combination of these, and refinancing. Start off by getting familiar with the details of your current contract, such as the amount, term and...
  • how do auto loans work? How do auto loans work?-     So how do auto loans work? Since most people buying a new or used car opt for financing it’s an important question, and understanding the answer will help you in the purchase process. To summarize, you take out a car loan with a lender to pay for the purchase of a vehicle and, by signing the loan contract, agree to pay back the money in installments over the course of the loan, according to its terms. These terms include key factors like the finance charge, loan duration and the size of the monthly payment. Most auto loans are simple interest loans. Your monthly payment is made up of...