Auto Loan Payoff Calculator
Find out how long your car loan will take to pay off at your current payment, and how much an extra payment could save.
How to Use
- Enter your loan's current balance, its APR, and the fixed monthly payment you're currently making.
- Enter any extra amount you could add to that payment every month — leave it at $0 to see just your current payoff time.
- The result shows your payoff time and total interest at your current payment, then the same figures with the extra payment applied, plus the time and interest it would save.
Formula
- Each month
- interest = balance × (APR ÷ 100 ÷ 12); balance −= (payment + extra − interest), capped at what's actually owed
- Payoff time
- the number of months until the balance reaches $0 at the payment (and extra, if any) you enter
Worked Example
A $15,000 balance at 7% APR, paying $350/month, with a $100/month extra payment.
- At $350/month alone: payoff in 50 months, $2,311.47 total interest.
- With an extra $100/month ($450 total): payoff in 38 months, $1,728.86 total interest.
- Time saved: 50 − 38 = 12 months. Interest saved: $2,311.47 − $1,728.86 = $582.61.
Result: Payoff time at your current payment: 50 months (4.17 years) / Payoff time with the extra payment: 38 months (3.17 years) / Time saved: 12 months (1 year) / Interest saved: $582.61
About This Tool
What this tool does
This calculator simulates your car loan's month-by-month payoff at your current payment, then again with an optional extra amount applied on top, and reports the time and interest each scenario takes — and how much the extra payment saves.
When to use it
Use it to see exactly how much time and interest a specific extra payment amount would save on your actual loan, or just to check how long your loan will take to pay off at your current payment alone.
What the result means
Time saved and interest saved compare the exact same loan, balance and rate in both scenarios — the only difference is the extra payment — so the savings shown are a direct measure of what that extra money buys you.
Assumptions & limitations
Extra payments are assumed to go entirely toward principal, applied the same month they're made, with no prepayment penalty — most auto loans don't charge one, but confirm with your lender. This tool rejects a monthly payment that doesn't even cover a month's interest, since that payment could never actually pay the loan down. This is an estimate based on the numbers you enter, not your lender's exact payoff calculation.