Car Loan Early Payoff Calculator
Extra principal ends a car loan sooner and cuts the interest. On a $30,000 loan at 7% with 60 months left, an extra $100 a month ends it 0 years 10 months sooner and saves $972 of interest.
Enter your own loan in the calculator, then read the tables to see how the size and the timing of the extra change the result.
Car loan early payoff calculator
Payoff with no extra: 5 years, $5,642 of interest.
Payoff with the extra: 4 years 2 months, $4,670 of interest.
You save $972 of interest and finish 0 years 10 months sooner.
Extra every month
The loan is $30,000 at 7% with 60 months left, a payment of $594.04. With no extra it ends in 5 years and costs $5,642 in interest.
| Extra a month | Paid off in | Sooner by | Interest paid | Interest saved |
|---|---|---|---|---|
| $50 | 4 years 7 months | 0 years 5 months | $5,110 | $533 |
| $100 | 4 years 2 months | 0 years 10 months | $4,670 | $972 |
| $200 | 3 years 7 months | 1 year 5 months | $3,988 | $1,654 |
| $300 | 3 years 2 months | 1 year 10 months | $3,484 | $2,158 |
One $3,000 payment: early or late
The same $3,000 saves less the later it is paid, because it removes interest for fewer months.
| Paid after | Paid off in | Sooner by | Interest saved |
|---|---|---|---|
| 6 months | 4 years 6 months | 0 years 6 months | $1,038 |
| 12 months | 4 years 6 months | 0 years 6 months | $902 |
| 24 months | 4 years 6 months | 0 years 6 months | $644 |
How the calculator works
- The required payment comes from the standard loan formula for your balance, rate and months left.
- Each month, interest = balance x rate / 12. The payment plus the extra, minus that interest, comes off the balance.
- The count stops when the balance reaches zero. Interest is the sum of every month's interest.
It assumes a fixed rate and that the extra lands on principal on the due date. The same math runs the extra payments mortgage payoff calculator.
Check your interest type first
The CFPB says that if you plan to pay your auto loan off early, you want to make sure lenders are using a simple interest rate.
Ask your lender which kind of interest your loan uses, and read your contract for a prepayment penalty. This calculator assumes simple interest, where interest is figured on the balance that is left.
Frequently asked questions
How much does an extra $100 a month save on a car loan?
On the example loan it ends the loan 0 years 10 months sooner and saves $972 of interest. An extra $300 a month saves $2,158.
Does this work for other loans?
Yes, for any fixed-rate loan that charges interest on the remaining balance each month: enter the balance, the rate and the months left. It does not fit a loan with precomputed interest, where extra payments may not lower the balance.
Does an extra payment lower my monthly payment?
No. The required payment stays the same and the loan ends sooner. Ask your lender to apply the extra money to principal, not to the next payment.
Is one lump sum better than small monthly extras?
Per dollar they save the same interest if they land on the same day. What differs is when the money arrives: the earlier a dollar reaches the balance, the more interest it removes.
How do I get the payoff date in a spreadsheet?
Use NPER(rate/12, -(payment + extra), balance). It returns the number of months left.
Sources
Every figure on this page comes from the pages below. Checked 2026-11-06. Rules change, so confirm with your own servicer.
- CFPB: What's the difference between a simple interest rate and precomputed interest on an auto loan? (why a simple interest rate suits paying a car loan off early)
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