Car Loan Extra Payment Calculator
This car loan extra payment calculator shows what happens when you add money to your regular payment. Try a monthly amount, a one-time amount, or both.
A comparison table shows how several amounts stack up, so you can pick one that fits your budget.
By making extra payments on your car loan, you could finish 7 months sooner and save about $334 in interest.
| Extra per month | Payoff time | Time saved | Interest saved |
|---|---|---|---|
| $25 | 3 years 10 months | 4 months | $181 |
| $50 | 3 years 7 months | 7 months | $334 |
| $100 | 3 years 2 months | 1 year | $583 |
| $200 | 2 years 6 months | 1 year 8 months | $927 |
Estimates only. Tell your lender the extra money is for principal, since some lenders apply it to your next payment instead. Confirm your exact payoff amount with them.
What This Calculator Is
It is an extra car payment calculator for a fixed-rate loan. You enter your balance, interest rate, and regular payment, then add the extra you are considering.
What It Is For
Use it as a car loan calculator with extra payments to see which amount is worth it. Each extra dollar reduces the principal that interest is charged on, so small amounts can add up. Before making extra payments on a car loan, confirm how your lender applies them. Many apply a payment to fees and accrued interest first.
How to Use It
- Enter the current balance, APR, and monthly payment from your latest statement.
- Add an extra monthly amount, a one-time amount, or both. Rounding up is a simple option. For example, a $275 payment becomes $300.
- Compare the amounts in the table. Pick one that still leaves room for rent, food, and surprise costs.
- Tell your lender the extra is for principal only.
