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Auto Loan Payoff Calculator for Calculating Early Payoff Savings

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Auto Loan Payoff Calculator

This calculator will calculate the time and money savings that will occur if you pay off your car loan early, by adding a prepayment amount to all of your remaining car payments. The Learn tab includes:

Back to the future: a thought provoking analogy.
Mindless habits destroying future photographs.
Make today be a contributor from your past.

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DataData recordData recordSelected data record: None

Orig amt:Original amount:Original loan amount:Original car loan amount:

Original loan amount

# of pmts:# of payments:Number of monthly payments:Original number of monthly payments:

Original loan term in months

Pmts made:Payments made:Number of payments made:Number of payments already made:

Number of payments already made

Rate:Annual rate:Annual finance percentage rate:Annual financing percentage rate:

Annual finance rate

Extra amt:Extra amount:Monthly prepayment amount:Monthly prepayment amount:

Monthly prepayment amount

Early Payoff Comparison Chart
Extra payment comparison chart: Description of chart row values: Row #1: Current auto loan This row shows the monthly payment, number of payments, and interest cost if you just continue making the normal monthly payment. Row #2: With prepayment This row shows the monthly payment, number of payments, and interest cost if you increase your monthly payment by the prepayment amount you entered. Row #3: Prepayment savings This row shows how much time and interest you will save if you increase your monthly payment by the prepayment amount you entered.	PmtPmtPayment AmountPayment Amount	Pmts# Pmts# of PaymentsNumber of Payments	IntInterest CostInterest CostInterest Cost
Orig:Orig:Original:Original loan:
Extra:With extra:With extra:With prepayment:
Savings:Prepayment savings:Prepayment savings:Prepayment savings:

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

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Step #1:

Enter the original car loan amount.

Step #2:

Enter the original repayment term in number of months.

Step #3:

Enter the number of monthly car payments you have already made.

Step #4:

Enter the annual financing percentage rate of the auto loan.

Step #5:

Enter the extra amount you could add to your current monthly payment amount.

Step #6:

Click the "Calculate Early Payoff" button. This will populate the early-payoff comparison chart and display a bar chart comparing the interest costs with and without the extra payment.

Saving Entries:

If your web browser supports Local Storage, you can save your entries to your web browser so won't have to start over on your next visit. Please note that your saved entries can only be retrieved from the same device and web browser you were using when you stored them. If you would like to access your saved entries from any device I invite you to subscribe to the Ad-Free Member Version.

To save your entries to your web browser, click or tap the Data tab in the Help and Tools section (mobile: top right of the main screen), select "New Data Record" from the drop-down menu, enter a name for the data record, and then tap or click the Save button.

To load previously saved entries, click or tap the Data tab and select the saved data record from the drop-down menu. You can then save any changes to your entries by simply clicking the Save button while the data record is selected.

To clear a named set of saved entries, click or tap the Data tab, select the saved data record from the drop-down menu, and then tap or click the Clear button.

Numbers and Decimals:

Only numeric characters (0-9 and decimal points) may be entered in numeric fields. Non-numeric characters (dollar signs, percent signs, commas, etc.) may cause calculation errors. If the field includes a grid icon, tapping the icon will open a popup keypad which will include only the characters allowed in the field. If your device keypad does not include a decimal point, use this popup keypad to enter decimal numbers where applicable.

Popup Tool Tips:

Tap the info (i) icons for a further explanation of each entry field (you can click [X] or outside of the pop-up tool tips to close them). A summary of these explanations, along with any additional term explanations, can also be found under the Terms tab.

Disclaimer:

Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. If you do discover an issue with the calculated results, please report the issue using the feedback form located below the calculator.

Scrolling & Shrinking:

In order to scroll the calculator vertically you will need to swipe just outside of the calculator's dark-blue border, or use the window's far right-hand scroll bar, whichever is applicable to your device.

If the top section of the calculator becomes to tall for your viewport, tapping in the "Enter a problem..." field should reset the top section to its original height.

Disclaimer:

The Algebra Calculator is the only calculator on the site that I did not create myself. And since I did not create it, I don't have access to the code for fixing any issues you may be experiencing. So if you are having issues with the calculator, please visit the support page at Mathway.com for assistance.

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Backup Data

Click Latest button, copy data to a text-only document, then save to your hard drive.

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Help and Tools

Learn

Back to the Future

If you've ever watched any of the "Back to the Future" movies, you will recall seeing what happens to a photograph when the characters go back in time and change something from the past.

One small, seemingly insignificant change in past events can set off a chain reaction that causes characters portrayed in photographs to fade out of focus, and even disappear completely.

Whether you realize it or not, you are living in your past right now. In other words, as of tomorrow, today will be a permanent part of your past.

Unfortunately, you don't have photographs of you that were taken in the future. If you did you would be able to see what happens to yourself, those you love, and your lifestyle as you make changes to your past (today).

You would be able to see how one, seemingly insignificant change today can cause emotions, people, income and things to fade, come into focus, appear and disappear from the photographs of your future.

But alas, the only future photographs you have access to are those portrayed in commercial ads -- ads that are developed by expert marketers, and feature professional actors, actresses, models and famous spokespersons.

These expertly designed ads attempt to show you that your future will be better if you buy what the ad is selling. But if you had real photographs from your future you would see that more often than not, purchasing what the ads are selling would be causing things you truly want to disappear from your photographs.

Mindless Habits Destroying Future Photographs

If you're like most consumers, you've probably developed a series of mindless daily spending habits. Without thinking of what effect each expenditure might have on your financial future, you probably buy the newspaper, buy one or more cups of designer coffee, buy a candy bar, buy an energy drink, buy one or two bottled waters, buy lunch at your favorite restaurant, download a new ring tone or a new app for your smart phone, and so on. (Worse yet, you probably even borrow money to make these mindless purchases.)

If you are guilty of any of these mindless daily spending habits, I'm guessing you have never stopped to think about the gigantic negative effect the combination of these actions can have on your financial future.

But wait, the mindless spending of money is not the only action that can cause things you truly want to disappear from your future photographs. The mindless spending of time can be even more disastrous ... or as they say in the movies, could cause a crack in the space-time continuum!

The mindless time spent watching TV, playing video games, Facebooking, Tweeting, texting, etc., all consumes time that could have been used to take actions that will cause things you truly want to appear in your future photographs.

Actions you could be taking include actions such as, increasing your knowledge, increasing your marketable skills, researching necessary expenditures, tracking and planning your spending, spending quality time with your loved ones, and so on.

Make TODAY Be a Contributor From Your Past

I have a note taped to my monitor that reads as follows:

What can I do today that will cause today to stand-out from other days in my past?

Now of course I'm not able to make every day stand out, but just keeping this question in front of me helps me to, at the very least, avoid taking actions that will cause things I truly want to disappear from my future photographs, and to look for opportunities to take actions that will cause things I truly want to remain and appear in my future photographs.

What does all this have to do with using the auto loan payoff calculator?

Well, one of the small, seemingly insignificant actions you can do today to make things you truly want to appear in your future photographs, is to refrain from taking a mindless action (time or money expenditure) and then invest the savings into something that will make a positive contribution to your future.

As just one of hundreds of possible examples, if you can force yourself to skip buying that designer cup of coffee, you can then set the savings aside to apply to paying off your car loan early. Then use your imagination to see things you truly want start to come into focus.

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Auto Loan Payoff Calculator for Calculating Early Payoff Savings

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Instructions

Step #1:

Step #2:

Step #3:

Step #4:

Step #5:

Step #6:

Saving Entries:

Numbers and Decimals:

Popup Tool Tips:

Disclaimer:

Scrolling & Shrinking:

Disclaimer:

Glossary

Pocket Calculator

Data Management

Favorites

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Auto Loan Payoff Calculator for Calculating Early Payoff Savings

Selected Data Record:

Original car loan amount:

Original loan term in months:

Number of payments already made:

Annual financing percentage rate:

Monthly prepayment amount:

Extra payment comparison chart:

Monthly "What's New" Email Update:

About

Instructions

Step #1:

Step #2:

Step #3:

Step #4:

Step #5:

Step #6:

Saving Entries:

Numbers and Decimals:

Popup Tool Tips:

Disclaimer:

Scrolling & Shrinking:

Disclaimer:

Glossary

Pocket Calculator

Data Management

Calculator Data:

My Note:

Help and Tools:

Favorites

Adjust Calculator Width:

Show/Hide Popup Keypads:

Stick/Unstick Tools: