Extra Payment Calculator
See how much faster you can pay off your auto loan and how much interest you'll save by making extra payments each month.
Standard Payoff
With Extra Payments
How to use this calculator
This calculator helps you see the impact of making extra payments on your auto loan. Here's what you need to know:
Current Loan Balance
Enter your current remaining loan balance. You can find this on your most recent loan statement or by calling your lender.
Loan Terms
Enter your current interest rate (APR) and remaining loan term in months. These determine how much interest you're paying.
Extra Payment Amount
Decide how much extra you can afford to pay each month. Even small amounts like $25 or $50 can make a significant difference over time.
Benefits of extra payments
Pay off your loan faster
Extra payments go directly toward your principal balance, reducing the amount of interest you pay over the life of the loan.
Save money on interest
By reducing your principal faster, you'll pay less interest overall, potentially saving hundreds or thousands of dollars.
Build equity faster
Faster payoff means you'll own your vehicle outright sooner, giving you more financial flexibility.
Extra payment strategies
Consistent extra payments
Adding a fixed amount to each monthly payment is the most effective strategy. Even $25 extra per month can save significant interest.
Lump sum payments
Use tax refunds, bonuses, or other windfalls to make larger one-time payments toward your principal.
Bi-weekly payments
Instead of monthly payments, make half-payments every two weeks. This results in 26 half-payments per year (equivalent to 13 full payments).
Things to consider
Prepayment penalties
Most auto loans don't have prepayment penalties, but it's always good to check your loan agreement before making extra payments.
Emergency fund priority
Make sure you have an emergency fund before making extra loan payments. Financial security should come first.
Higher interest debt
If you have credit card debt or other loans with higher interest rates, pay those off first before making extra auto loan payments.