Auto Loan Early Payoff
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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