Car loan extra payment calculator
See how much interest you save, how many months you cut and your new payoff date when you pay extra on a car loan. The example below is already filled in; replace it with your own numbers.
What an extra payment does to your car loan
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On a $28,000, 60-month car loan at 7.5%, paying an extra $100 a month saves about $1,036 in interest and ends the loan 10 months early. The earlier and the larger the extra payment, the more you save.
What you need to use the calculator
- Loan balance: what you still owe, from your latest statement.
- Annual interest rate (APR): shown on your contract and statement.
- Remaining term: the years left on the loan (for example, 3 years for 36 months).
- Extra payment: a monthly amount, a yearly amount, or a one-time payment on a date you choose.
What an extra payment saves: real examples
Same loan in every row: $28,000, 7.5% fixed rate, 60 months. The scheduled payment is $561.06 and the total interest without extra payments is $5,663.75.
| Extra per month | Interest saved | Months saved | Total interest paid |
|---|---|---|---|
| +$25 | $301.35 | 3 | $5,362.40 |
| +$50 | $571.59 | 5 | $5,092.17 |
| +$100 | $1,036.29 | 10 | $4,627.46 |
| +$200 | $1,747.12 | 18 | $3,916.63 |
| +$300 | $2,264.25 | 23 | $3,399.50 |
Extra amount applied to principal every month from the first payment. Method: How the calculator works. For more ways to speed up a car loan, read How to pay off a car loan faster: 6 ways, with real numbers.
Check these things before you pay extra
- Prepayment penalty. According to the CFPB, your contract and state law determine whether you can pay off an auto loan early. Look at your contract and your Truth in Lending disclosures.
- Principal, not future payments. The CFPB explains that payments are generally applied to fees first, then interest, then principal. Ask your lender how to apply extra money to principal and confirm it on your statement.
- Debt at a higher rate. If another debt costs more than your car loan, paying that one first generally avoids more interest.
- Your safety net. Money sent to a loan is hard to get back; keep an emergency fund first.
Frequently asked questions
How does a car loan extra payment calculator work?
How much does an extra $100 a month save on a car loan?
Do extra payments go to principal automatically?
Is there a penalty for paying off a car loan early?
Can I use this calculator for other loans?
Sources
- Consumer Financial Protection Bureau, Is it better to pay off the interest or principal on my auto loan? (reviewed January 30, 2024).
- Consumer Financial Protection Bureau, Can I prepay my loan at any time without penalty? (reviewed January 30, 2024).
This page is educational and not financial, legal or tax advice. Estimates assume a fixed rate and that extra money is applied to principal. Confirm the terms of your own loan with your lender.