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Auto loan payoff calculator

Find out how fast you can pay off your car loan with extra payments — and how much interest you'll save.

Your car loan payoff plan

Amortization schedule
#DatePaymentPrincipal InterestExtraBalance

Estimates only, not a loan offer. Excludes taxes, insurance and fees unless entered. See our disclaimer.

Pay off your car loan faster

Auto loans are shorter than mortgages, but the same logic applies: extra principal payments shrink your balance, so less interest accrues and the loan clears sooner. Because most US car loans use simple interest with no prepayment penalty, paying early is usually a straightforward win.

Enter your loan amount, APR and term above, then add an extra monthly amount or a one-time lump sum to see your new payoff date and total interest saved. Download the schedule to keep a record or to confirm your lender is applying payments correctly.

Make sure extra goes to principal

The most common mistake is paying extra and seeing no benefit — because the lender treated it as an early next payment. After your first extra payment, check that the principal balance dropped by the extra amount. If not, contact the lender and ask them to apply all extra payments to principal going forward.

Thinking about refinancing your car loan instead? If rates have dropped or your credit has improved since you bought, an auto refinance can lower both your rate and payment. Compare that against simply paying extra using the numbers above.

Frequently asked questions

Do extra car payments go to principal?
They should, but not always automatically. Some auto lenders apply extra money to the next payment or to future interest. After paying extra, check that your principal balance dropped by the full amount — and tell the lender to apply extras to principal if needed.
Is there a penalty for paying off a car loan early?
Most US auto loans use simple interest and have no prepayment penalty, so paying early saves interest. A few loans use precomputed interest where early payoff saves less. Check your contract for a "prepayment penalty" or "precomputed interest" clause.
How much can I save paying off my car loan early?
It depends on your balance, rate and how much extra you pay. On a typical $30,000 loan at 7%, even $100 extra a month can save hundreds in interest and clear the loan months sooner. Use the calculator to see your figure.
Can I download my car loan amortization schedule?
Yes — export to Excel, CSV or PDF with one click, including the interest and time you save with extra payments.