Auto Loan Payoff Calculator to Calculate Extra Payment Time and Interest Savings

Auto Loan Payoff Calculator Sign

This early car payoff calculator will calculate the time and interest savings that will occur if you increase your monthly car loan payment by a specified amount each month.

Plus, the calculated results include the current lump sum payoff amount, the new payoff date, and a car loan amortization schedule with extra payments.

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Auto Loan Payoff Calculator

Calculate your early car loan payoff savings in both time and interest.

Special Instructions

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Orig amtOriginal amtOriginal loan amountOriginal car loan amount:

Original car loan amount:

Enter the original dollar amount of the car loan, but without the dollar sign (principal amount).

RateAnnual rateAnnual finance percentage rateAnnual financing percentage rate:

Annual financing percentage rate:

Enter the annual percentage rate (APR) of the car loan, but without the percent sign (for .079 or 7.9%, enter 7.9).

Pmt amtPayment amtMonthly payment amountCurrent monthly payment amount:

Monthly payment amount:

Enter the current monthly payment amount without the dollar sign. If you leave this field blank the calculator will calculate your monthly payment amount for you.

# of pmts# of paymentsNumber of monthly paymentsOriginal number of monthly payments:

Original loan term in months:

Enter the term (number of monthly payments) of the original car loan.

Pmts madePmts madeNumber of payments madeNumber of payments already made:

Number of payments already made:

Enter the number of monthly payments already made on your original car loan (enter a zero if no payments have been made).

Extra amtExtra amountMonthly prepayment amountMonthly prepayment amount:

Monthly prepayment amount:

Enter the amount you could add to the regular payment each month (without the dollar sign). This extra amount is often referred to as a prepayment. Unlike your regular payment amount wherein only a portion of the payment is applied to your balance (a portion is removed to pay interest), the entire prepayment amount is applied to your loan balance.

PayoffPayoff amtCurrent payoff amountCurrent lump sum payoff amount:

Current lump sum payoff amount:

Based on your entered terms and the number of payments you have already made, this is your current estimated car loan payoff amount.

Payoff datePayoff dateNew payoff dateNew payoff month and year:

New payoff month and year:

Based on your entries this is the month and year your car loan will be paid off if you add the extra amount to all future monthly payments.

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.
Pmts# Pmts# of
Number of
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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Help and Tools


Back to the Future

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 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, one or more cups of designer coffee, a candy bar, an energy drink, one or two bottles of water, lunch at your favorite restaurant, download a new ring tone or a new app for your smartphone, 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 huge 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 the 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 help pay off your car loan early. Then use your imagination to see things you truly want start to come into focus.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.