Auto Loan Payoff Calculator for
Calculating Early Payoff Savings

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Help you to see how much time and interest you could save if you increase the amount of your car payment.

This free online Auto Loan Payoff Calculator will calculate the time and interest savings that would occur if you increase your monthly car loan payment by a specified amount each month.

Plus, unlike other auto loan payment calculators, this auto loan payoff calculator page also includes a brief lesson on why paying off your auto loan early can increase your future financial happiness.

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 capable of causing characters portrayed in photographs to fade out focus, and even disappear completely.

Whether you realize it or not, you are living in your past right now. In other words, today will be a part of your past from tomorrow until the day the last memory of you disappears off of the face of the earth.

Unfortunately for you, 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 that 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, developed by expert marketers, and starring 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 the photographs.

Mindless Habits Destroying Future Photographs

If you're like most consumers, you have 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.

With that, let's use the Auto Loan Payoff Calculator to calculate the time and interest savings that will occur if you add a prepayment amount to your monthly car loan payment.

Auto or Car Loan Payoff Calculator
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Instructions: Enter the original automobile loan amount, the original loan term in months, the number of monthly payments you have already made, and the annual percentage rate (APR).

Next enter the monthly prepayment amount and then click the "Calculate Auto Loan Early Payoff" button. Mouse over the blue question marks for a further explanation of each entry field.

More in-depth explanations can be found in the glossary of terms located beneath the Auto Loan Payoff Calculator.

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Help Original loan amount ($):
Help Original loan term in months (#):
Help Number of payments already made (#):
Help Annual percentage rate (%):
Help Monthly prepayment amount ($):
Comparative Results Payment Number of
Help Current auto loan:
Help With prepayment:
Help Prepayment savings:
Please grade my work and help me improve:
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Auto Loan Payoff Calculator Glossary of Terms

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Original loan amount: The original dollar amount of the car loan (principal amount).

Original loan term in months: The term (number of monthly payments) of the original car loan.

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

Annual percentage rate: The annual percentage rate (APR) of the car loan.

Monthly prepayment amount: The amount you could add to the regular payment each month, which is often referred to as the prepayment. The auto loan payoff calculator will add this amount to your current monthly car loan payment, and recalculate the time and interest using the new monthly payment figure.

Current auto loan result row: This row shows the monthly payment, number of payments, and interest cost if you just continue making the normal monthly payment.

With prepayment result row: This row shows the monthly payment, number of payments, and interest cost if you increase your monthly payment by the prepayment amount you entered.

Prepayment savings result row: This row shows how much time and interest you will save if you increase your monthly payment by the prepayment amount you entered.

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