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Auto Loan Payoff Calculator to calculate early payoff for your auto loan. Car Loan Early Payoff Calculator with amortization schedule will calculate how much interest you can save by paying off early. You can choose to make extra payments per month or the desired payoff time to calculate the payoff and see a new amortization schedule for your car loan.
Original vs. Early Payoff |
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Original | Early Payoff | |||||
---|---|---|---|---|---|---|
Monthly Payment |
$400.00 | $550.00 |
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Expected Payoff Time |
31 months | 23 months |
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Total Interest |
$238.49 | $174.32 | ||||
Total Principal |
$12,000.00 | $12,000.00 | ||||
Total Payment |
$12,238.49 | $12,174.32 | ||||
Total Interest Savings |
$0 | $64.17 | ||||
Payoff Date |
Jun, 2027 | Oct, 2026 | ||||
Early Payoff Amortization Schedule |
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Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
Dec, 2024 | 1 | $15.00 | $535.00 | $550.00 | $11,465.00 | |
Jan, 2025 | 2 | $14.33 | $535.67 | $550.00 | $10,929.33 | |
Feb, 2025 | 3 | $13.66 | $536.34 | $550.00 | $10,392.99 | |
Mar, 2025 | 4 | $12.99 | $537.01 | $550.00 | $9,855.98 | |
Apr, 2025 | 5 | $12.32 | $537.68 | $550.00 | $9,318.30 | |
May, 2025 | 6 | $11.65 | $538.35 | $550.00 | $8,779.95 | |
Jun, 2025 | 7 | $10.97 | $539.03 | $550.00 | $8,240.93 | |
Jul, 2025 | 8 | $10.30 | $539.70 | $550.00 | $7,701.23 | |
Aug, 2025 | 9 | $9.63 | $540.37 | $550.00 | $7,160.85 | |
Sep, 2025 | 10 | $8.95 | $541.05 | $550.00 | $6,619.81 | |
Oct, 2025 | 11 | $8.27 | $541.73 | $550.00 | $6,078.08 | |
Nov, 2025 | 12 | $7.60 | $542.40 | $550.00 | $5,535.68 | |
Dec, 2025 | 13 | $6.92 | $543.08 | $550.00 | $4,992.60 | |
Jan, 2026 | 14 | $6.24 | $543.76 | $550.00 | $4,448.84 | |
Feb, 2026 | 15 | $5.56 | $544.44 | $550.00 | $3,904.40 | |
Mar, 2026 | 16 | $4.88 | $545.12 | $550.00 | $3,359.28 | |
Apr, 2026 | 17 | $4.20 | $545.80 | $550.00 | $2,813.48 | |
May, 2026 | 18 | $3.52 | $546.48 | $550.00 | $2,267.00 | |
Jun, 2026 | 19 | $2.83 | $547.17 | $550.00 | $1,719.83 | |
Jul, 2026 | 20 | $2.15 | $547.85 | $550.00 | $1,171.98 | |
Aug, 2026 | 21 | $1.46 | $548.54 | $550.00 | $623.44 | |
Sep, 2026 | 22 | $0.78 | $549.22 | $550.00 | $74.22 | |
Oct, 2026 | 23 | $0.09 | $74.22 | $74.32 | $0.00 |
Interest is what a borrower pays when they finance the purchase of a car and depending on the interest rate and the loan terms, a borrower may need to pay thousands of dollars on interest payments in addition to the principal payments. To understand how much a borrower pays on interest, let's take a look at an example. Let's assume a borrower applies for a car loan of $30,000 with a 5% interest rate and a 5-year term. Car Loan Amount: $30,000 Interest Rate: 5% Loan Term: 5 year Using our car loan calculator, we calculated that the monthly payment for this car loan is $566,14, and the borrower will pay about $3,968.22 in interest payments after 5 years on top of the $30,000 loan amount. This makes the total cost of the car loan to be $33,968.22. Interest Payments: $3,968.22 Total Payments: $33,968.22 As we can see from the above calculation, the interest payment is about 13% of the loan amount. This is based on a modest interest rate of 5%. If the interest rate were higher, and the borrower chooses a term that is longer than 5 years, he will end up paying much more on interest payments.
There are many good reasons to pay off a car loan faster, the main ones being that it would save a borrower lots of money on interest payments and the borrower would be debt-free earlier. Following are a few ways to pay off a car loan faster.
Before making extra payments or paying off your car loan, please talk to your lender first. Make sure that there are no prepayment penalties or conditions that prevent you from paying off earlier. Also, let them know that the extra payments are for reducing principal, otherwise, they may treat them as early interest payments for the next bill.
You should do so if you can afford to pay off your car loan early. However, there are situations when it may not be a good idea to pay off your car loan early. Following are the pros and cons of paying off a car loan early.
Whether to pay off your auto loan is a personal choice, evaluate all the benefits and the disadvantages of paying off a car loan early, and make a choice that best fits your situation. If you don't want to pay off the whole balance, but still want to pay off earlier, you can try paying a little extra each month and see if you can really afford it.
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