How long until your car loan is paid off?
Most borrowers already know two numbers: what they still owe and what they pay each month. This calculator starts there rather than from the purchase price. Enter the current principal balance, the nominal annual interest rate and the contractual monthly principal-and-interest payment, and it simulates the loan month by month: interest accrues on the opening balance, your payment is applied, and the rest of the payment reduces principal. The baseline shows how many payments remain and how much interest you will still pay if you change nothing. If you are shopping for a new loan instead, the loan payment calculator works from the amount, rate and term, and the car affordability calculator shows what a vehicle payment fits in your budget.
A payment that does not cover the interest charged each month can never pay the loan off, so the calculator rejects it with an explanation. If a payment only just covers the interest, the loan can run past the 600-payment limit used here; in that case the results are marked incomplete and no lifetime interest or saving is shown.
Extra monthly payments versus a lump sum
The plan combines two optional extras: a fixed amount of extra principal added to every payment, and a one-time lump sum paid with a payment number you choose. Both go straight to principal in the model, capped at what you owe. Interest is charged on the balance, so principal repaid earlier avoids more interest than the same amount repaid later. With the example loan, 100 extra each month alone finishes in 19 payments and saves 218.93 of interest, while a single 1,000 lump sum with payment 3 alone finishes in 21 payments and saves 205.30. Combined, as in the worked example below, they save more than either does alone. Try moving the lump sum from payment 3 to payment 20 to see how timing changes the saving.
Your amortization schedule
The schedule lists, for every payment, the scheduled payment, any extra principal, the interest charged, the principal repaid and the balance left. You can switch between the baseline and your plan, show all rows, and export both schedules and their totals as one CSV file for a spreadsheet. Enter the month of your next payment as year-month, for example 2026-11, to label each row and show the payoff month. The last row is usually a partial payment: the final scheduled payment is capped at what is owed, so it is smaller than the rest.
Interest savings after an entered prepayment fee
Some lenders charge a fee for paying early, and some plans cost money to set up. Enter any such fee and it is paid once, outside the loan: it is not financed and does not earn interest. Net saving = baseline interest − plan interest − fee. A negative net saving is possible: a large fee can outweigh a small interest saving. The calculator does not know whether your contract has a prepayment penalty. The Consumer Financial Protection Bureau explains that your contract and state law decide whether you can pay an auto loan off early without a penalty (CFPB, Can I prepay my loan at any time without penalty?), so read your loan documents before you pay extra.
Worked example: $10,000 balance and $100 extra
Take a 10,000 balance at 12% a year with a 500 monthly payment, 100 of extra principal each month, a 1,000 lump sum with payment 3 and a 50 plan fee. The baseline takes 23 payments and costs 1,213.48 in interest, with a final payment of 213.48. The plan takes 17 payments and costs 835.30 in interest, with a final payment of 235.30. That is 6 payments sooner and 378.18 of interest saved. After the 50 fee the net saving is 328.18. Cash out reconciles: the baseline pays 11,213.48 (the 10,000 balance plus interest) and the plan pays 10,885.30 including the fee. At 0% interest, a 1,200 balance with a 100 payment, 20 extra and a 240 lump sum at payment 3 finishes in 8 payments instead of 12, saves no interest, and a 50 fee makes the net saving -50.00.
Why your lender’s payoff quote can differ
This is a monthly estimate, not a payoff quote. Lenders may accrue interest daily from your last payment date, so the exact day you pay matters, and they add any fees due. Your servicer decides how a payment is applied: the CFPB notes that payments generally go first to fees, then to interest, and only then to principal, and that you may be able to ask your lender or servicer to apply more of a payment to principal (CFPB, Is it better to pay off the interest or principal on my auto loan?). Variable rates, precomputed interest, balloon payments and refinancing are not modeled. If you have negative equity and are thinking of trading in, the negative equity auto loan calculator estimates the debt you would roll over, and the EV vs gas cost calculator compares running energy costs for the next car. Results are educational, not financial advice; see the disclaimer.
Frequently asked questions
How does an auto loan payoff calculator save interest?
It estimates the interest avoided by repaying principal earlier. The calculator itself saves nothing; your extra payments do, if your lender applies them to principal.
How long will it take to pay off my car loan?
The monthly simulation uses your current balance, rate and contractual payment, and counts payments until the balance reaches zero.
Is a lump sum better than extra monthly payments?
There is no universal winner. The amount and the timing decide the result, so compare both with your own numbers using the plan inputs.
Will extra payments lower my required monthly bill?
In this model the contractual payment stays fixed and the loan ends sooner. Whether your lender lowers the bill depends on the contract and servicing.
Can I pay off a car loan without a penalty?
Check your contract and your state’s law. The tool cannot tell whether a prepayment penalty applies; it only lets you enter a fee.
Why is my lender’s payoff quote different?
Daily interest, exact dates, fees and the way payments are applied can all differ from the monthly model used here.