Auto loan: Accelerated payoff

See how adding extra money to your monthly car payment shortens your loan term and cuts the interest you pay.

Loan Information

Original loan balance ?

The amount you originally borrowed for the vehicle.

Annual percentage rate ?

The APR on your auto loan.

Initial term in months ?

The original length of the loan, in months (e.g. 48 months = 4 years).

Number of payments already made ?

How many monthly payments you've made so far.

Proposed additional monthly payment ?

Extra amount you'd add to your regular monthly payment going forward.

Enter your values and select Calculate.

By making a small additional monthly payment toward principal, you can greatly accelerate the term of your auto loan and, thereby, realize tremendous savings in interest payments. Use this calculator to help estimate the potential time and interest savings.

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.