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Auto Loan Early Payoff
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!
Definitions
- Annual interest rate
- Annual interest rate. Maximum interest rate is 20%.
- Loan length (months)
- Total length, or term, of your original auto loan in months.
- Original 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.
- Monthly scheduled payment
- Monthly principal and interest payment based on your original loan amount, term and interest rate.
- Monthly accelerated payment
- 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.
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