Pay your loan off early and save $$$!
If you've come into some extra money, and you're looking for a wise way to spend it, consider paying down your high-interest debt first. While auto loan rates don't typically approach credit card interest rates, they can be high, and in the absence of significant credit card or other higher-interest debt, early auto loan payoff may be a smart move.
You can save a remarkable amount of money simply by paying off your auto loan early. You can make extra payments, you can pay a little extra each month, the way you do it is up to you. Use the loan payoff calculator below to find out how much you can save!
Like many calculators on AutoPaymentCalculators.com, the early loan payoff calculator doubles as a loan amortization calculator. View the report to see a complete amortization payment schedule, and how much you can save on your auto loan!
Auto Loan Payoff Calculator Definitions
- Annual interest rate - Annual interest rate. The maximum interest rate is 2%.
- Loan length (months) - Total length, or term, of your original auto loan in months.
- Original loan amount - The original amount financed with your auto loan, not to be confused with the remaining balance or principal balance.
- Additional monthly payment - Your proposed extra payment per month. This payment will be used to reduce your principal balance.
- Monthly scheduled payment - Monthly principal and interest payment based on your original loan amount, term and interest rate.
- Monthly accelerated payment - Scheduled payment plus additional monthly payment.
- Total savings - Total amount you would save in interest if you made the accelerated payment until your loan was paid in full.