Auto Loan Early Payoff Calculator
If you are more than half way through paying off an auto loan, you could save money by increasing your monthly payment. For most auto loans, that halfway point is when the majority of your payment shifts to apply to the principal of your loan instead of the interest, according to the amortization schedule. Each repayment in an amortization consists of satisfying both the principal balance and the interest attached to the loan.
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.