Auto loan early payoff calculator
Jun. 17, 2025
Calculators provided by Bankrate.com
| Auto Loan Payoff Inputs: Press spacebar to hide inputs | Total savings $0 |
| Auto Loan Balances and Interest press spacebar to hide graph |
How to use this calculator
Entering the following information into our loan calculator can help you determine how to pay off your car loan early and how much you could save. To get started, enter the following:
-
1. Amortization schedule
The schedule on which interest is paid off on a loan. Each month a portion is paid towards the loan principal as well as the interest.
-
2. Annual interest rate (APR)
This percentage, which varies based on current auto loan rates, represents the complete interest and fees. that you will be expected to pay over the course of a year for the amount borrowed.
-
3. Loan amount
The amount of money that you borrow from a lender in order to purchase your vehicle. This amount tends to be lower when it comes to used cars.
-
4. Loan term
This refers to the period of time that you will make repayments to your lender. With auto financing, these terms usually range from 24 to 84 months.
-
5. Prepayment penalty
A fee that lenders enforce if borrowers pay more than agreed upon for their payment prior to the scheduled payment due date or pay off their entire loan balance early.
-
6. Principal balance
The amount of money that you have borrowed to fund your vehicle that you have to pay back.
-
7. Click "View Report"
Clicking “View Report” will show you a summary of your auto loan payoff and a schedule of payments on your loan. You also have the option to print this report.
Use your results
How to make the most of this calculator
An auto loan early payoff calculator can help you:
- Determine the total cost of your loan.
- Calculate how much you have left to pay on your auto loan.
- Experiment with different terms and monthly payment amounts.
Imagine you took out a $35,000 auto loan for 60 months at 6.70 percent interest. You have 48 months remaining on your loan. The table below illustrates the potential savings you could achieve by increasing your monthly payment by various amounts.
| Increased payment amount | Term is shortened by | Savings |
|---|---|---|
| $0 | 0 months | $0 |
| $50 | 3 months | $322.72 |
| $100 | 6 months | $598.03 |
| $150 | 9 months | $834.93 |
| $200 | 11 months | $1,042.08 |
Next steps for auto loan early payoff
Start paying off your auto loan early with these helpful guides and tips.
-
Some lenders charge a penalty fee if you pay ahead or pay off your auto loan early. Learn how to avoid early payoff and whether the benefits of early payoff outweigh the cost.
-
Discover the benefits of paying off your auto loan early and potential pitfalls to watch out for.
-
Explore how extra payments on your loan's principal can drive down interest costs and save you even more money.
-
With a precomputed interest loan, you pay more interest upfront, meaning early payoff won't save you as much. Learn how you can still benefit from paying off your auto loan early.
-
Compare refinance rates and learn when refinancing your car loan could be a better option.