Auto Loan Early Payoff

How much interest can you save by increasing your auto loan payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your auto loan!

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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.

*These calculators are provided by one or more third party service providers. 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. California Bank & Trust (“CB&T”) cannot and does not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes only. Use of these calculators does not constitute an application for, commitment to extend, or approval of, a request for credit. The calculated results are in no way endorsed, offered, or guaranteed by CB&T, our subsidiaries or affiliates. These calculators do not offer tax, legal, or financial advice. We encourage you to seek personalized advice from qualified professionals regarding all personal financial issues.