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Auto Loan Payoff Calculator
See exactly when you'll pay off your car loan — and how much interest you'll save by making extra monthly payments. Free, no signup required.
Your Debts
Payoff Strategy
Extra Monthly Payment
📊 Your Payoff Plan
Balance Over Time
| Month | Balance | Payment | Interest |
|---|---|---|---|
| Aug 2026 | $4,992 | $100 | $91.67 |
| Jul 2027 | $4,889 | $100 | $89.82 |
| Jun 2028 | $4,764 | $100 | $87.57 |
| May 2029 | $4,612 | $100 | $84.82 |
| Apr 2030 | $4,425 | $100 | $81.47 |
| Mar 2031 | $4,197 | $100 | $77.37 |
| Feb 2032 | $3,919 | $100 | $72.36 |
| Jan 2033 | $3,580 | $100 | $66.24 |
| Dec 2033 | $3,165 | $100 | $58.78 |
| Nov 2034 | $2,658 | $100 | $49.66 |
| Oct 2035 | $2,040 | $100 | $38.52 |
| Sep 2036 | $1,284 | $100 | $24.92 |
| Aug 2037 | $362 | $100 | $8.32 |
📱 Track your real payments and progress in the free app
Download Free App →How to Use This Auto Loan Payoff Calculator
Enter your current loan balance (not the original amount), your APR, and your current monthly payment. Then see your payoff date — and use the "extra payment" field to model paying more each month.
- Current balance:Find this on your most recent statement or your lender's online portal. This is what you currently owe, not the original loan amount.
- APR:Your annual percentage rate. Check your loan agreement or the lender's website. Average new car loan rates in 2025 are around 7–8% APR.
- Monthly payment: Your current required monthly payment.
- Extra payment: Any additional amount you can add monthly. Even $50 makes a meaningful difference.
The Real Cost of a 72-Month Auto Loan
Auto dealers often push longer loan terms to keep monthly payments low. But a 72-month loan at 7% APR costs significantly more in total interest than a 48-month loan for the same car.
Example: $28,000 car at 7.5% APR
48-month loan
Payment: $678/mo
Total interest: $4,531
Total cost: $32,531
60-month loan
Payment: $562/mo
Total interest: $5,706
Total cost: $33,706
72-month loan
Payment: $484/mo
Total interest: $6,919
Total cost: $34,919
The 72-month loan saves $194/month vs. the 48-month — but costs $2,388 more in total interest.
Should You Pay Off Your Auto Loan Early?
Paying off your car loan early is almost always a good idea if your rate is above 5%. Here's why:
- Guaranteed return: Every dollar of extra payment earns a guaranteed return equal to your interest rate. A 7% auto loan is a 7% guaranteed return on any extra payments.
- Freed-up cash flow: Once the loan is gone, that monthly payment can go to savings, investing, or your next financial goal.
- Lower stress: Being debt-free reduces financial anxiety and gives you more flexibility if income changes.
Exception: if you have high-interest credit card debt (18–25% APR), pay that first — the math strongly favors credit card payoff over auto loan payoff.
Frequently Asked Questions
How much can I save by paying extra on my auto loan?
Even $50–$100 extra per month can save hundreds in interest and shorten your loan by months. On a $25,000 loan at 7% APR, paying $100 extra monthly saves approximately $1,200 in interest and pays off the loan 14 months early.
Is there a penalty for paying off a car loan early?
Most auto loans do not have prepayment penalties. However, check your loan agreement — some lenders charge a small fee for early payoff. Even with a small penalty, paying off early usually saves you money overall.
Should I pay off my car loan or invest the extra money?
Compare your auto loan interest rate to your expected investment return. If your loan is above 6–7% APR, paying it off is often better than investing, especially in volatile markets. If your rate is 3–4%, you may come out ahead investing the difference.
How do I apply extra payments to my principal?
Call or log into your lender's portal and specify that any overpayment should be applied to principal, not future payments. Some lenders automatically apply extra to principal; others advance your due date instead. Always confirm how your lender handles this.
Track Your Payoff in the Free App
Use the DebtClear app to log payments, track your real balance, and get monthly reminders. Combine your auto loan with credit cards and other debts in one plan.