Auto Loan Payoff Calculator - Car Loan Payoff Calculator (2024)

Auto Loan Payoff Calculator to calculate how much you can save in interest payments when you payoff your auto loan early. Car loan payoff calculator to calculate how much ealier you can pay off your auto loan by making extra payments each month.

Original vs. Early Auto Loan Payoff

OriginalEarly Payoff

Monthly Payment



Expected Payoff Time

42 months

34 months

Total Interest


Total Principal


Total Payment


Total Interest Savings


Payoff Date

Nov, 2027Mar, 2027

Auto Loan Payoff Amortization Schedule

Payment Date Payment # Interest Paid Principal PaidTotal Payment Remaining Balance
Jun, 20241$107.29$700.83$808.12$24,299.17
Jul, 20242$104.28$703.84$808.12$23,595.34
Aug, 20243$101.26$706.86$808.12$22,888.48
Sep, 20244$98.23$709.89$808.12$22,178.59
Oct, 20245$95.18$712.94$808.12$21,465.65
Nov, 20246$92.12$716.00$808.12$20,749.66
Dec, 20247$89.05$719.07$808.12$20,030.59
Jan, 20258$85.96$722.16$808.12$19,308.43
Feb, 20259$82.87$725.25$808.12$18,583.18
Mar, 202510$79.75$728.37$808.12$17,854.81
Apr, 202511$76.63$731.49$808.12$17,123.32
May, 202512$73.49$734.63$808.12$16,388.68
Jun, 202513$70.33$737.79$808.12$15,650.90
Jul, 202514$67.17$740.95$808.12$14,909.95
Aug, 202515$63.99$744.13$808.12$14,165.81
Sep, 202516$60.79$747.33$808.12$13,418.49
Oct, 202517$57.59$750.53$808.12$12,667.96
Nov, 202518$54.37$753.75$808.12$11,914.20
Dec, 202519$51.13$756.99$808.12$11,157.22
Jan, 202620$47.88$760.24$808.12$10,396.98
Feb, 202621$44.62$763.50$808.12$9,633.48
Mar, 202622$41.34$766.78$808.12$8,866.70
Apr, 202623$38.05$770.07$808.12$8,096.64
May, 202624$34.75$773.37$808.12$7,323.26
Jun, 202625$31.43$776.69$808.12$6,546.57
Jul, 202626$28.10$780.02$808.12$5,766.55
Aug, 202627$24.75$783.37$808.12$4,983.18
Sep, 202628$21.39$786.73$808.12$4,196.44
Oct, 202629$18.01$790.11$808.12$3,406.33
Nov, 202630$14.62$793.50$808.12$2,612.83
Dec, 202631$11.21$796.91$808.12$1,815.92
Jan, 202732$7.79$800.33$808.12$1,015.60
Feb, 202733$4.36$803.76$808.12$211.84
Mar, 202734$0.91$211.84$212.75$0.00

How do I pay off my auto loan?

To pay off your auto loan, you can call your lender, visit them in person, or pay them off online if your lender has a platform for you to make payments.However, you should first contact your lender to see if there is any prepayment penalty or other restrictions on the auto loan contract.

Is it a good idea to pay off my auto loan earlier?

Paying off your auto loan saves you money in interest. Therefore, paying off your auto loan is a good idea if you can afford it.In some cases, paying off an auto loan might not be ideal. For example, if you have other debt that has a higher interest rate than your car loan such as credit card debt. You should pay off the debt with the highest interest rate before paying off your auto loan.Another scenario where you might want to hold off from paying off your auto loan is if you have other investment or business opportunities that have the potential to generate a higher return than the interest costs of your auto loan.

Does a car payoff improve your credit score?

No, paying off your car loan will not improve your credit score as now you will have one fewer payment account to build your credit score.Your credit score may dip temporarily but will go back up if you are responsible for your other payments.In most cases, the credit score shouldn't be a deciding factor to decide whether or not to pay off your car loan.You can build your credit score with other accounts such as credit cards. When you make timely payments to pay off your credit card every month, your credit score will be improved.

Does a car loan payoff hurt your credit score?

Yes, when you pay off your auto loan, your credit score will drop initially because when you pay off your auto loan, the account will be closed and will no longer help you establish a payment history.However, do not let this scare you from paying off your auto loan. It will happen sooner or later as you will eventually pay off your car loan either today or a few years later when your term is over.After the initial dip, your credit score should rebound quickly if you make payments on time with your other accounts such as credit cards.

How much will my credit score drop if I pay off my car loan?

Each person's situation is different and the calculation the credit bureaus use to calculate credit scores is complicated, there is really no way to tell how much your credit score will drop after you pay off your auto loan.For someone who has no other payment accounts, the drop may be more dramatic than for another who has many accounts. The drop might be bigger for those who have excellent credit than others who have a low credit score.Remember, the credit score drop is usually only a temporary dip. Your credit score will bounce back when you are responsible for your bills with other accounts.

How to pay off my car loan earlier?

Follow these steps to speed up your payoff process and save money in interest payments.

  • Pay every month and never miss a payment
  • Make extra payments toward the principal regularly
  • Switch to biweekly payments instead of the default monthly payments
  • Make large additional payments to cut down your car loan balance

The key to paying off your car loan earlier is always to pay more than the statement balance. If you have a 5-year car loan, you will save loads of money when you pay it off in 3 years.

Is there a prepayment penalty for paying off my car loan early?

Each lender is different, and every card loan contract is different, you will need to contact your lender to see if there is any prepayment penalty for paying off your car loan earlier.In fact, a prepayment penalty is something you should check before signing the car loan contract when you first buy the car.

Can I pay off my 72-month car loan earlier?

Yes, you can pay off your 72-month car loan earlier. Just make sure there is no penalty for paying off your car loan early.Depending on the interest rate and the size of your 72-month car loan, you could save thousands of dollars in interest payments.

How to get my car title after I pay off my car loan?

Once you pay off your auto loan, the lien on your car is removed, and the legal ownership of the car will be transferred from your lender to you.Your lender will send you a letter on the release of the lien, and you can use that letter to get a new title from your state DMV.

How to use the auto loan payoff calculator?

The car loan payoff calculator helps car owners calculate how much they can save from an auto loan payoff.Here are the definitions of each field of the car loan payoff calculator.Auto Loan Balance - the current balance of your car loanInterest Rate - the interest rate for the car loanCurrent Monthly Payment - the regular monthly payments you are payingExtra Monthly Payment - how much extra are you planning to pay each monthDesired Payoff Years - the number of years that you wished to pay off your car loanThe auto loan payoff calculator gives you two ways to calculate the savings, by increasing your monthly payments or the desired payoff years.

Auto loan payoff example

If you have a car loan balance of $20,000 with an interest rate of 6% and a monthly payment of $650, it will take about 34 months to pay off your remaining balance. The total interest payment will be $1,771.68.If you increase your monthly payments by $180 to a new monthly payment of $830, you can pay off your car loan in 26 months and a savings of $406.78 in interest payments.

Original vs. Early Auto Loan Payoff

OriginalEarly Payoff

Monthly Payment



Expected Payoff Time

34 months

26 months

Total Interest


Total Principal


Total Payment


Total Interest Savings


Auto Loan Calculator

Auto Loan Payoff Calculator - Car Loan Payoff Calculator (2024)


How do I calculate my car payoff amount? ›

You can estimate your car payoff amount by multiplying your monthly payment by the number of months you have left on the loan. You can also request an exact payoff amount from your lender at any time.

How to calculate loan payoff? ›

You can calculate the daily interest on your loan by multiplying your remaining principal balance by your mortgage rate, then dividing by 365. If you're paying off your loan on the 15th of the month, your payoff amount would be 15 multiplied by your daily interest amount plus your remaining principal balance.

How do I figure out how much I will pay on a car loan? ›

To calculate your monthly car loan payment by hand, divide the total loan and interest amount by the loan term (the number of months you have to repay the loan). For example, the total interest on a $30,000, 60-month loan at 4% would be $3,150.

Why is the payoff quote higher than the balance? ›

That's because the difference likely is because of the way the interest of your loan is calculated. Basically, your balance is what you currently owe, and your payoff is what you owe plus interest that accrues from the statement date and a specific payoff date.

How do you calculate payoff value? ›

You can calculate a mortgage payoff amount using a formula. Work out the daily interest rate by multiplying the loan balance by the interest rate, then dividing that by 365. This figure, multiplied by the days until payoff, plus the loan balance, gives you your mortgage payoff amount.

How do I get my payoff amount? ›

Your loan servicer can provide your payoff amount, which will include principal and interest, as well as other fees and costs on your account (if applicable). Contact your servicer for your payoff amount.

What is a loan payoff quote? ›

A payoff quote shows the remaining balance on your mortgage loan, which includes your outstanding principal balance, accrued interest, late charges/fees and any other amounts. You'll need to request your free payoff quote as you think about paying off your mortgage.

What is the payoff method? ›

Key Takeaways

The debt avalanche method involves making minimum payments on all debt and using any extra funds to pay off the debt with the highest interest rate. The debt snowball method involves making minimum payments on all debt, then paying off the smallest debts before moving on to bigger ones.

What is the total payoff? ›

Total payoff balance is the current loan principal balance plus accrued interest incurred to date.

Are auto loan calculators accurate? ›

Calculators Only Provide Estimates

Because they are dependent on the accuracy of the information you enter, they may be different than what a dealership will really offer you. The best use for these calculators is in helping you compare cars.

What is the formula for a car loan? ›

Car loan payment formula

Monthly payment = (loan amount) × (interest rate / 12) / (1 − (1 + (interest rate / 12)) ^ (-loan term)).

How do you calculate loan value on a car? ›

How to Calculate LTV. To calculate your loan-to-value ratio as a percentage, you can use the following formula: The loan amount divided by the fair market value of the car and then multiplied by 100.

Can you negotiate a car payoff amount? ›

Most people hate negotiating car prices. But when it comes to your car loan, negotiating an early payoff could save you big money. Be aware, though, not all lenders will negotiate a payoff quote for a car, and a car loan balance settlement will impact your credit.

Is it better to payoff car loan early? ›

You'll pay less interest by paying off your loan early since the lender will have less time to collect interest from you. But even an extra payment here and there can make a difference. That extra amount should go directly toward the principal, especially if you specify that intention when you make your payment.

Why is my payoff amount less than what I owe on my car? ›

Your payoff amount is different from your current balance. Your current balance might not reflect how much you actually have to pay to completely satisfy the loan. Your payoff amount also includes the payment of any interest you owe through the day you intend to pay off your loan.

What is the formula to determine the total amount of a car loan? ›

To calculate your auto loan:

Calculate the amount you need to finance your car. Find the annual interest rate offered by your bank on auto loans. Decide on the loan term (typically 1-5 years). Divide the loan amount by your loan term, multiply the result by the annual interest and multiply that by the loan term.

How do you negotiate payoff amount? ›

Debt negotiation strategies
  1. Ask your lender to reduce your interest rate. ...
  2. Ask about forbearance. ...
  3. Work with your lender to create a repayment plan. ...
  4. Look into debt consolidation. ...
  5. Ask for a reduced, lump-sum payment.

How do banks calculate payoff amount? ›

In summary, the payoff is calculated by adding the unpaid mortgage principal balance, adding the per-diem interest owed, and adding whatever payoff fees are charged by the mortgage servicer (typically about $100 to $150).

What happens when you pay off a car loan early? ›

The lender makes money from the interest you pay on your loan each month. Repaying a loan early usually means you won't pay any more interest, but there could be an early prepayment fee. The cost of those fees may be more than the interest you'll pay over the rest of the loan.

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