Auto Loan Calculators
Auto Loan Payoff Calculator
See how much sooner an auto loan clears and how much interest you avoid when you pay extra each month.
Months saved
11 months
- Interest saved
- $703
- New payoff time
- 41 months
- Interest with extra payments
- $2,450
How this calculator works
Each month: interest = balance × r; the rest of the payment reduces the balance
- r
- the monthly interest rate
- extra
- any amount paid above the required payment
Example calculation
Illustrative example — not advice
Worked example — the auto loan payoff calculator as it loads, using the default figures below.
- 01Enter current balance: $18,500.
- 02Enter interest rate: 7.4%.
- 03Enter current monthly payment: $420.
- 04Enter extra monthly payment: $100.
- 05Read the months saved from the results panel: 11 months.
Months saved: 11 months. Interest saved: $703. New payoff time: 41 months. Interest with extra payments: $2,450.
These figures come straight from the calculator above running on the values listed, so you can retype them and confirm every number yourself. Change any input and the results update immediately. Illustrative only — not a quote, offer or recommendation.
Important considerations
- Confirm extra payments are applied to principal, not held as a future payment.
- Some agreements charge an early settlement fee.
Related calculators
- Auto Loan CalculatorMonthly vehicle payment after deposit, trade-in, tax and fees.
- Car Affordability CalculatorThe car price a monthly budget supports.
- Auto Refinance CalculatorSavings from refinancing a car loan.
- Debt Payoff CalculatorPayoff date and interest saved from paying extra.
- Lease vs Buy CalculatorTotal cost of leasing against buying.
- Car Depreciation CalculatorVehicle value year by year.
Terms used here
Frequently asked questions
Is paying off a car loan early always sensible?
Usually only after higher-rate debt is cleared and an emergency fund exists, since a car is a depreciating asset.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01