Car Loan Payoff Calculator
$777.01
$673
Feb, 2030
| Oct, 2026 | Feb, 2030 | |
| Loan Closing | Loan Payoff |
Amortization Schedule
Excel Template| Date | Interest | Principal | Balance |
|---|---|---|---|
| Oct, 2026 | $175 | $602 | $27,398 |
| Nov, 2026 | $171 | $606 | $26,792 |
| Dec, 2026 | $167 | $610 | $26,183 |
| 2026 | $514 | $1,817 | $26,183 |
| Jan, 2027 | $164 | $613 | $25,569 |
| Feb, 2027 | $160 | $617 | $24,952 |
| Mar, 2027 | $156 | $621 | $24,331 |
| Apr, 2027 | $152 | $625 | $23,706 |
| May, 2027 | $148 | $629 | $23,077 |
| Jun, 2027 | $144 | $633 | $22,444 |
| Jul, 2027 | $140 | $637 | $21,808 |
| Aug, 2027 | $136 | $641 | $21,167 |
| Sep, 2027 | $132 | $645 | $20,522 |
| Oct, 2027 | $128 | $649 | $19,874 |
| Nov, 2027 | $124 | $653 | $19,221 |
| Dec, 2027 | $120 | $657 | $18,564 |
| 2027 | $1,705 | $7,619 | $18,564 |
| Jan, 2028 | $116 | $661 | $17,903 |
| Feb, 2028 | $112 | $665 | $17,238 |
| Mar, 2028 | $108 | $669 | $16,569 |
| Apr, 2028 | $104 | $673 | $15,895 |
| May, 2028 | $99 | $678 | $15,217 |
| Jun, 2028 | $95 | $682 | $14,535 |
| Jul, 2028 | $91 | $686 | $13,849 |
| Aug, 2028 | $87 | $690 | $13,159 |
| Sep, 2028 | $82 | $695 | $12,464 |
| Oct, 2028 | $78 | $699 | $11,765 |
| Nov, 2028 | $74 | $703 | $11,062 |
| Dec, 2028 | $69 | $708 | $10,354 |
| 2028 | $1,114 | $8,210 | $10,354 |
| Jan, 2029 | $65 | $712 | $9,641 |
| Feb, 2029 | $60 | $717 | $8,925 |
| Mar, 2029 | $56 | $721 | $8,203 |
| Apr, 2029 | $51 | $726 | $7,478 |
| May, 2029 | $47 | $730 | $6,747 |
| Jun, 2029 | $42 | $735 | $6,013 |
| Jul, 2029 | $38 | $739 | $5,273 |
| Aug, 2029 | $33 | $744 | $4,529 |
| Sep, 2029 | $28 | $749 | $3,780 |
| Oct, 2029 | $24 | $753 | $3,027 |
| Nov, 2029 | $19 | $758 | $2,269 |
| Dec, 2029 | $14 | $763 | $1,506 |
| 2029 | $476 | $8,848 | $1,506 |
| Jan, 2030 | $9 | $768 | $738 |
| Feb, 2030 | $5 | $738 | $0 |
| 2030 | $14 | $1,506 | $0 |
Frequently Asked Questions
How much does paying extra on a car loan save?
Less than on a mortgage, because the balances and terms are smaller, but the effect is still real and immediate. On a $28,000 balance at 7.50% with 48 months left, an extra $100 a month saves $673 in interest and gets you to the title seven months sooner. The higher your rate, the more each extra dollar is worth.
Is there a penalty for paying off a car loan early?
Sometimes, which makes auto loans different from mortgages. Some lenders charge a flat fee or a percentage of the remaining interest, and loans written with precomputed interest bake the full interest charge into the balance so early payoff saves less than a simple-interest loan would. Check the agreement for the words "prepayment penalty" or "precomputed" before you plan around the numbers here.
Should I pay off my car loan or save the money?
At auto loan rates, paying down the loan is usually a guaranteed return equal to your interest rate, which is hard to match with a savings account. But keep an emergency fund first: money paid into a car loan is not money you can get back if the car needs a repair. This is a personal decision about your own risk and liquidity, and the calculator only gives you the arithmetic side of it.
Does paying extra lower my monthly car payment?
No. The required payment stays the same and the loan simply ends earlier. A few lenders will re-amortize the loan on the reduced balance, which does lower the payment, but it is uncommon on auto loans and often carries a fee. If a lower payment is what you actually need, refinancing is the usual route.
Can I use this for a motorcycle, boat or RV loan?
Yes. Nothing in the math is specific to cars — any fixed-rate loan being repaid in equal installments behaves the same way. It also works for a personal loan or a student loan. For a house, use the mortgage payoff calculator, and for a loan you have not taken out yet, the auto loan calculator prices it from the vehicle price, trade-in and sales tax.
Where do I find my current balance?
On your latest statement or in the lender's online account — it is usually labeled payoff amount or principal balance. Don't use the original loan amount, and don't use the number on the purchase contract: both will overstate what is left and push the payoff date out.
Definitions
Current Loan Balance
What you still owe on the car today, not what you originally borrowed. If your lender quotes a payoff amount that differs slightly from the principal balance, the difference is interest accrued since the last payment; either figure works for planning.
Interest Rate
The annual percentage rate on the loan as it stands. Auto loan rates vary far more by credit score than mortgage rates do, so use the rate on your own agreement rather than an advertised one.
Remaining Term
The number of payments still to make, not the original length of the loan. A 72-month loan taken out two years ago has 48 months remaining. This is the field people most often get wrong, and an error here moves the payoff date by exactly that much.
Extra Payment
What you would add to every scheduled payment. It all goes to the principal, so it removes both that dollar of debt and every future interest charge that dollar would have generated.
One-Time Extra Payment
A single lump sum applied now — a refund, a bonus, the proceeds of selling something. Applied at the start it has longer to work than the same money spread over the coming months, so it saves slightly more per dollar.
This car loan payoff calculator works out when your auto loan actually ends, and what paying a little extra each month would buy you. Enter the balance you still owe, your rate and the number of months left, add whatever you could put on top, and you'll get the new payoff date, the time it saves and the interest you never pay.
You don't enter the monthly payment — it comes out of the balance and the months remaining, which is how your lender arrived at it in the first place. Everything above that figure goes straight to the principal, and since interest is charged on what's left, cutting the balance early removes every future interest charge that dollar would have carried.
Take a $28,000 balance at 7.50% with four years to run. The required payment is $677.01. Adding $100 a month clears it in 41 payments instead of 48 — seven months early — and saves $673 in interest. Double the extra to $200 and the loan ends a full year early. A one-off $2,000 payment today, from a tax refund or a bonus, saves about the same as that first $100 a month does.
Two things to check before you commit. Prepayment penalties are rare on mortgages but genuinely common on auto loans, especially those written with precomputed interest — read the agreement or ask the lender directly. And tell the servicer in writing that extra money is to be applied to the principal; many apply it to the next scheduled payment by default, which pushes your due date forward and saves you nothing.
This car loan payoff calculator should only be used to estimate your repayments since it doesn't include taxes or insurance.
