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Auto Loan Payoff Calculator

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.

Car Loan Payoff Calculator

Auto Loan Balance
$
Interest Rate
Current Monthly Payment
$
Extra Monthly Payment
$
OR
Desired Payoff Years
years

Original vs. Early Auto Loan Payoff

Original Early Payoff
Monthly Payment
$658.12
$808.12
Expected Payoff Time
42 months
34 months
Total Interest
$2,349.36 $1,880.71
Total Principal
$25,000.00 $25,000.00
Total Payment
$27,349.36 $26,880.71
Total Interest Savings
$0 $468.66
Payoff Date
Oct, 2026 Feb, 2026


Auto Loan Payoff Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
May, 2023 1 $107.29 $700.83 $808.12 $24,299.17
Jun, 2023 2 $104.28 $703.84 $808.12 $23,595.34
Jul, 2023 3 $101.26 $706.86 $808.12 $22,888.48
Aug, 2023 4 $98.23 $709.89 $808.12 $22,178.59
Sep, 2023 5 $95.18 $712.94 $808.12 $21,465.65
Oct, 2023 6 $92.12 $716.00 $808.12 $20,749.66
Nov, 2023 7 $89.05 $719.07 $808.12 $20,030.59
Dec, 2023 8 $85.96 $722.16 $808.12 $19,308.43
Jan, 2024 9 $82.87 $725.25 $808.12 $18,583.18
Feb, 2024 10 $79.75 $728.37 $808.12 $17,854.81
Mar, 2024 11 $76.63 $731.49 $808.12 $17,123.32
Apr, 2024 12 $73.49 $734.63 $808.12 $16,388.68
May, 2024 13 $70.33 $737.79 $808.12 $15,650.90
Jun, 2024 14 $67.17 $740.95 $808.12 $14,909.95
Jul, 2024 15 $63.99 $744.13 $808.12 $14,165.81
Aug, 2024 16 $60.79 $747.33 $808.12 $13,418.49
Sep, 2024 17 $57.59 $750.53 $808.12 $12,667.96
Oct, 2024 18 $54.37 $753.75 $808.12 $11,914.20
Nov, 2024 19 $51.13 $756.99 $808.12 $11,157.22
Dec, 2024 20 $47.88 $760.24 $808.12 $10,396.98
Jan, 2025 21 $44.62 $763.50 $808.12 $9,633.48
Feb, 2025 22 $41.34 $766.78 $808.12 $8,866.70
Mar, 2025 23 $38.05 $770.07 $808.12 $8,096.64
Apr, 2025 24 $34.75 $773.37 $808.12 $7,323.26
May, 2025 25 $31.43 $776.69 $808.12 $6,546.57
Jun, 2025 26 $28.10 $780.02 $808.12 $5,766.55
Jul, 2025 27 $24.75 $783.37 $808.12 $4,983.18
Aug, 2025 28 $21.39 $786.73 $808.12 $4,196.44
Sep, 2025 29 $18.01 $790.11 $808.12 $3,406.33
Oct, 2025 30 $14.62 $793.50 $808.12 $2,612.83
Nov, 2025 31 $11.21 $796.91 $808.12 $1,815.92
Dec, 2025 32 $7.79 $800.33 $808.12 $1,015.60
Jan, 2026 33 $4.36 $803.76 $808.12 $211.84
Feb, 2026 34 $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 loan Interest Rate - the interest rate for the car loan Current Monthly Payment - the regular monthly paymentsĀ  you are paying Extra Monthly Payment - how much extra are you planning to pay each month Desired Payoff Years - the number of years that you wished to pay off your car loan The 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

Original Early Payoff
Monthly Payment
$650.00
$830.00
Expected Payoff Time
34 months
26 months
Total Interest
$1,771.68 $1,364.91
Total Principal
$20,000.00 $20,000.00
Total Payment
$21,771.68 $21,364.91
Total Interest Savings
$0 $406.78


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