Extra Car Payment Calculator
See how much sooner a car loan ends if you add a set amount to each payment. It works from your balance, rate and months left, and shows the months saved.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
The regular payment comes from the balance, rate and months left. Adding an extra amount each month lowers the balance faster, so the loan ends sooner.
The months to pay off uses the standard loan formula solved for the number of months. Check with your lender that extra money goes to the principal, since that is what this assumes.
Worked example
With $22,000.00 left at 6.5% and 60 months to go, the payment is $430.46. Adding $100.00 a month pays the loan off in 48 months, which is 12 months sooner.
Questions
Should I tell the lender the extra is principal?
Yes. Many lenders apply extra money to the next payment unless you say otherwise. Ask how to mark a payment as principal.
Is there a penalty for paying early?
Most car loans do not charge one, but some do. Check the loan agreement before you add extra money.
What if I stop paying the extra?
The payoff date moves back to the regular schedule from that point. Months already saved stay saved.
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