Auto Loan Early Payoff

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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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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.