You can save a significant amount of money by adding more to the current monthly payment for an auto loan. Increase in monthly payment helps to boost up the loan repayment term and save interest expenses. Employ this calculator to find out the total amount you can save by accelerating the payments. The monthly and yearly reports are handy to graphically view the auto loan balance and interest as well as the amortization table.
Annual interest rate
Annual rate of interest for the auto loan.
Number of months remaining
Remaining number of months to pay off the original auto loan.
Loan term (months)
Term length in months to completely repay the loan.
Auto loan amount
Amount of money financed by the lender for this auto line credit.
Additional monthly payment
Amount of money you have planned to put additionally to the current monthly payment.
Amount of principal and interest payment for the current period. This amount is calculated based on the outstanding loan amount.
Additional Monthly Payment
Extra amount of money you have planned to pay in addition to the scheduled payment.
Amount of money you can save by accelerating the repayment for the auto loan.