Early Payoff Calculator

See how much time and interest you can save with extra payments

Estimated Interest Savings
$ 498
saved over the life of the loan
Time Saved 9 months
New Term 39 months
Total Interest (Standard) $2,546
Total Interest (With Extra) $2,047

Payment Breakdown

Payment breakdown chart showing principal vs interest

Balance Over Time

Line chart showing balance over time and interest paid

The Power of Extra Payments

Even a small addition to your monthly car payment can have a massive impact on your debt timeline and total interest costs.

How it Works

Your extra payment goes directly toward the loan principal, not interest. This reduces the balance faster, which means less interest accrues next month.

  • Principal reduction is exponential.
  • The earlier you start, the more you save.
  • Check if your lender has 'principal-only' payment instructions.

Saving Time vs. Money

By paying more each month, you effectively shorten your loan term. This gets you to a 'debt-free' status sooner.

  • Shortens the time you need to maintain full-coverage insurance.
  • Reduces the risk of being 'underwater' on the loan.
  • Frees up your monthly budget for other goals sooner.

Tips for Success

If you can't commit to a monthly extra payment, consider using your tax refund or annual bonus for a one-time lump sum payment.

  • Round up your payment to the nearest $50 or $100.
  • Avoid skipping payments to keep the momentum.
  • Verify that your loan doesn't have prepayment penalties.