Auto Loan Early Payoff

How much interest can you save by increasing your auto loan payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your auto loan!
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Auto Loan repayment shortened by 1 year and 1 month
Current payment:
$396.02
Report amortization:
Report amortization
**FIG_GRAPHTITLE** Line Graph: Please view the report to see detailed calculation results in tabular form.

Definitions

Annual interest rate

Annual interest rate. Maximum interest rate is 20%.

Number of months remaining

Total number of months remaining on your original auto loan.

Loan term (months)

Total length, or term, of your original auto loan in months.

Auto 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.

Current payment

Monthly principal and interest payment based on your original loan amount, term and interest rate.

Monthly prepayment amount

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.



Sunmark Federal Credit Union
1187 Troy Schenectady Road
Latham, NY

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.