Auto Loan Calculator with Extra Payments
Input your auto loan details and interest rate to calculate how much faster you will own your car by making extra monthly contributions.
Loan Details
Accelerated Savings
Redirecting your saved monthly payments ($0/mo) for the 0 years you saved at a 7% annual return accumulates this wealth.
Accelerate Your Auto Loan Payoff
Our Auto Loan Calculator with Extra Payments is designed for vehicle buyers and car owners who want to model early payoff strategies. Auto loans represent depreciating assets, which makes prepaying principal an excellent strategy to build equity in your car faster.
How Auto Prepayment Math Works
Auto loans calculate interest monthly on the remaining balance using standard amortization formulas:
By making extra payments directly to principal, you lower the outstanding balance. This immediately reduces the interest calculation for all subsequent months. For resources on auto loans, visit the Consumer Financial Protection Bureau (CFPB) auto loan portal.
Worked Numerical Example
Here is a payoff comparison for an auto loan of $20,000 at a 7.0% interest rate over a 6-year term, with an extra payment of $100/month:
- Car Loan Principal: $20,000
- Interest Rate: 7.0% (APR)
- Term: 6 Years (72 Months)
- Standard Monthly Payment: $340.85
- Extra Monthly Payment: $100.00
| Payoff Option | Monthly payment | Total Interest Paid | Total Cost of Loan | Payoff Timeline |
|---|---|---|---|---|
| Standard Schedule | $340.85 | $4,541.43 | $24,541.43 | 6.0 Years |
| Accelerated Prepayment | $440.85 | $3,328.12 | $23,328.12 | 4.5 Years |
| Total Savings | +$100.00 / month | $1,213.31 Saved | $1,213.31 Saved | 1.5 Years Shaved Off |
When to Use This vs. Our Other Calculators
To select the most appropriate calculator for your planning:
- Use the Car Payoff Calculator to calculate auto loan payoff dates specifically.
- Use the Loan Calculator to model general personal or secured installment loans.
- Use the Amortization Schedule Calculator to view your full month-by-month balance reduction breakdown.