Auto Loan Calculator with Prepayment

Introduction

Making extra payments on an auto loan can significantly reduce both the term length and total interest paid. This calculator helps U.S. borrowers see how adding a small amount each month affects their loan payoff. Enter your loan amount, APR, term, and extra payment to reveal your savings and new payoff date.

Usage Guide

1. Enter your Loan Amount (principal).
2. Specify the Annual Interest Rate (APR).
3. Select your Loan Term in years.
4. Input the Extra Monthly Payment you plan to add.
5. Click Calculate Savings to view reduced term and interest savings.

Calculation Method

This tool computes:

• Standard Payment: Based on amortization formula without prepayment.
• Adjusted Term: New payoff timeline with extra payments.
• Interest Saved: Difference in total interest with and without extra payments.

FAQs

1. Does prepayment reduce penalty?

Check your loan agreement. Some lenders charge prepayment penalties; consult your lender or CFPB resources.

2. Can I make lump-sum payments?

This calculator focuses on recurring extras. For one-time payments, see our Loan Prepayment Calculator.

3. How much extra should I pay?

Even $50–$100 extra monthly can save substantial interest and months off your loan.

4. Is this tool mobile-friendly?

Yes, it’s fully responsive and won’t interfere with your site theme.

5. Explore more tools

Find additional calculators at Explore more tools.

6. Disclaimer

Estimates are for informational use. Actual results depend on lender terms and payment schedules.