Steffenauer

& Associates CPA's, Inc.

Auto Loan Early Payoff Calculator

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!

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Auto Loan repayment shortened by 0 months

Auto Loan Payoff Inputs:

Total savings $0.00
%
Current payment: $0.00
Report amortization:
Auto Loan Balances and Interest

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.

Disclaimer: Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax 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.