Auto Loan Payoff Calculator
See how extra payments on your car loan can save you money and get you to payoff faster. Enter your loan details to see a full month-by-month breakdown.
Loan Details
Payoff Summary
With Extra Payments
| Standard | With Extra | |
|---|---|---|
| Monthly Payment | $500 | $700 |
| Months | 51 | 35 |
| Total Interest | $3,199 | $2,182 |
| Total Cost | $25,199 | $24,182 |
Monthly BreakdownWith extra payments
| Month | Balance | Payment | Interest | Principal | End Balance |
|---|---|---|---|---|---|
| 1 | $22,000 | $700 | $119 | $581 | $21,419 |
| 2 | $21,419 | $700 | $116 | $584 | $20,835 |
| 3 | $20,835 | $700 | $113 | $587 | $20,248 |
| 4 | $20,248 | $700 | $110 | $590 | $19,658 |
| 5 | $19,658 | $700 | $106 | $594 | $19,064 |
| 6 | $19,064 | $700 | $103 | $597 | $18,467 |
| ··· | |||||
| 13 | $14,819 | $700 | $80 | $620 | $14,199 |
| ··· | |||||
| 19 | $11,049 | $700 | $60 | $640 | $10,409 |
| ··· | |||||
| 25 | $7,156 | $700 | $39 | $661 | $6,495 |
| ··· | |||||
| 31 | $3,135 | $700 | $17 | $683 | $2,452 |
| ··· | |||||
| 35 | $380 | $382 | $2 | $380 | $0 |
Auto Loan Repayment Guide
New vs. used car loan rates: New car loans typically carry lower interest rates (5–7% in 2026) than used car loans (7–11%), though rates depend on your credit score, loan term, and lender. Credit union rates typically run below bank and dealer rates.
Extra payments on auto loans: Even $50–$100 extra per month can shave several months off a 60-month loan and save hundreds in interest. Lenders differ on whether an extra payment goes to principal or toward the next scheduled one. Prepayment penalties are rare on auto loans.
Auto Loan Refinancing
A refinance lowers the rate when your credit score has improved since you took out the loan, rates have dropped, or you initially financed through the dealer (who often marks up rates). Refinancing typically costs nothing for auto loans—no closing costs. Even a 1–2% rate drop saves meaningful money.
Upside-Down Loans
A loan is “upside-down” or “underwater” when you owe more than the car is worth. This commonly happens with long loan terms (72–84 months), low or no down payments, and rapid depreciation. New cars lose 20–30% of value in the first year.
While a loan is upside-down, extra payments close the gap between the balance and the car’s value. That gap is what a sale or trade-in has to cover out of pocket.
Depreciation vs. Payoff Curves
Cars depreciate fastest in years 1–3 and slow down after that. A 60-month loan on a new car typically crosses the “equity” threshold (where the car is worth more than you owe) around month 24–36. With a 72- or 84-month loan, that crossover can be pushed to month 36–48 or later. Extra payments move the crossover date forward.