$calculatepayoffCalculators

Auto Loan Payoff Calculator

Pay off the car early and see the interest you never have to pay.

Down payment
$
Total monthly payment
$523.15

$423.15 scheduled + $100.00 extra

Debt-free in
4 yr 8 mo
Payoff date
May 2031
Total interest
$4,894
Total paid
$28,894

Paying $100.00 extra each month

Interest saved
$1,572
Time saved
1 yr 4 mo

Amortization schedule

56 total payments. Scroll the table for every row.

MonthPaymentInterestPrincipalBalance
1$523.15$164.00$359.15$23,640.85
2$523.15$161.55$361.60$23,279.26
3$523.15$159.07$364.07$22,915.18
4$523.15$156.59$366.56$22,548.63
5$523.15$154.08$369.06$22,179.56
6$523.15$151.56$371.59$21,807.98
7$523.15$149.02$374.12$21,433.85
8$523.15$146.46$376.68$21,057.17
9$523.15$143.89$379.25$20,677.92
10$523.15$141.30$381.85$20,296.07
11$523.15$138.69$384.46$19,911.62
12$523.15$136.06$387.08$19,524.53
13$523.15$133.42$389.73$19,134.81
14$523.15$130.75$392.39$18,742.42
15$523.15$128.07$395.07$18,347.34
16$523.15$125.37$397.77$17,949.57
17$523.15$122.66$400.49$17,549.08
18$523.15$119.92$403.23$17,145.86
19$523.15$117.16$405.98$16,739.87
20$523.15$114.39$408.76$16,331.12
21$523.15$111.60$411.55$15,919.57
22$523.15$108.78$414.36$15,505.21
23$523.15$105.95$417.19$15,088.01
24$523.15$103.10$420.04$14,667.97
25$523.15$100.23$422.91$14,245.05
26$523.15$97.34$425.80$13,819.25
27$523.15$94.43$428.71$13,390.54
28$523.15$91.50$431.64$12,958.89
29$523.15$88.55$434.59$12,524.30
30$523.15$85.58$437.56$12,086.74
31$523.15$82.59$440.55$11,646.19
32$523.15$79.58$443.56$11,202.62
33$523.15$76.55$446.59$10,756.03
34$523.15$73.50$449.65$10,306.38
35$523.15$70.43$452.72$9,853.66
36$523.15$67.33$455.81$9,397.85
37$523.15$64.22$458.93$8,938.92
38$523.15$61.08$462.06$8,476.86
39$523.15$57.93$465.22$8,011.64
40$523.15$54.75$468.40$7,543.24
41$523.15$51.55$471.60$7,071.64
42$523.15$48.32$474.82$6,596.82
43$523.15$45.08$478.07$6,118.75
44$523.15$41.81$481.33$5,637.42
45$523.15$38.52$484.62$5,152.80
46$523.15$35.21$487.93$4,664.86
47$523.15$31.88$491.27$4,173.59
48$523.15$28.52$494.63$3,678.97
49$523.15$25.14$498.01$3,180.96
50$523.15$21.74$501.41$2,679.55
51$523.15$18.31$504.84$2,174.72
52$523.15$14.86$508.28$1,666.43
53$523.15$11.39$511.76$1,154.67
54$523.15$7.89$515.26$639.42
55$523.15$4.37$518.78$120.64
56$523.15$0.82$120.64$0.00

How auto loan payoff works

Nearly all US auto loans are simple-interest, fully amortizing loans. Interest accrues daily on the outstanding principal, and each monthly payment covers the interest since the last payment with the remainder reducing the balance. Paying early or extra reduces principal immediately, so it always saves interest.

Enter your current payoff balance, your APR and the months remaining. The calculator returns the payment required, the payoff date and the total interest left on the loan.

One caveat: a small number of older or subprime contracts use the Rule of 78s, which front-loads interest and blunts the benefit of prepaying. Check your contract if the loan predates 2010 or came from a buy-here-pay-here lender.

Why paying off a car early is usually worth it

Cars depreciate fast, and long loan terms of 72 or 84 months mean many borrowers spend years underwater — owing more than the car is worth. Paying extra pulls you above water sooner, which matters if the car is totaled or you want to sell.

Clearing the loan also frees the payment itself. A $450 monthly payment ended a year early is $5,400 back in your budget, on top of the interest saved.

Getting the extra payment applied correctly

Auto lenders are notorious for treating extra money as an advance payment, which pushes your next due date forward instead of cutting principal. Make the extra payment as a separate transaction marked principal only, and confirm on your next statement that the balance dropped by the full amount.

If your lender bills you the exact payoff quote, request it in writing — the quote is good for a set number of days and includes interest accrued to that date.

Common mistakes

Using the sticker price rather than the current balance, forgetting that a trade-in rollover from a previous loan is part of your balance, and comparing loans by monthly payment instead of total interest. A longer term always looks cheaper monthly and costs more overall.

Worked example

Balance
$24,000
APR
8.2%
Months remaining
72
Payment
$424
Total interest
About $6,500
With $100 extra a month
Paid off about 13 months sooner, roughly $1,500 saved

Figures rounded. Enter your own balance and rate above.

Frequently asked questions

Is there a penalty for paying off a car loan early?

Most US auto loans have no prepayment penalty, but a few state-regulated and subprime contracts do. Check the prepayment clause in your contract before making a large lump-sum payment.

Does paying off a car loan early hurt my credit score?

It can dip a few points temporarily because you close an active installment account, but the effect is small and short-lived compared with the interest saved.

What is my car loan payoff amount?

The payoff amount is your principal plus interest accrued since your last payment, which is slightly more than the balance shown online. Request an official ten-day payoff quote from your lender before sending a final payment.

Should I pay off my car or my credit card first?

Almost always the credit card. Card APRs are typically two to three times auto loan rates, so each dollar does more good there.

How much does paying $50 extra a month save on a car loan?

On a $24,000 balance at 8.2% over six years, $50 extra a month saves roughly $800 in interest and clears the loan about seven months early.

Can I refinance instead of paying extra?

Yes, and it is worth checking if your credit improved since you bought the car. Refinancing to a lower rate and keeping the same payment combines both benefits.