Enter your car loan balance, interest rate, and monthly payment to see exactly when you'll be debt-free — and how much interest you'll save by paying a little extra each month.
Enter your remaining loan balance (not the original amount), your interest rate (APR), and your current monthly payment. Then explore the "Extra Payment" scenarios to see how much faster you can pay off the loan — and exactly how many dollars in interest you'll save.
Car loans use simple interest: each month's interest is calculated on your remaining principal balance. The average new-car loan APR in the US is around 7–9% (2025), while used cars typically run 10–14%. On a $25,000 loan at 8% over 6 years, total interest paid is about $6,500 — extra payments reduce that directly, since they lower the balance on which future interest is charged.
Enter your remaining loan balance, interest rate (APR), and current monthly payment. The calculator shows exactly when you'll pay off the loan and how much total interest you'll pay — plus how extra payments change both numbers.
It depends on your interest rate. If your car loan is above 5–6%, early payoff saves meaningful money and improves your debt-to-income ratio. If it's very low (2–3%), the saved interest may be small — but freeing up the monthly payment can still be worthwhile.
Paying off any installment loan closes the account, which can slightly reduce your credit mix and average account age. For most people this effect is minor and temporary — the freed-up cash flow typically outweighs any short-term score dip.
Use the Extra Payment Scenarios section in the calculator for exact figures. On a $20,000 car loan at 7% APR with 5 years remaining, adding $100/month extra saves roughly $1,200 in interest and cuts about 11 months off your payoff.
Yes — click "+ Add debt" to include credit cards, personal loans, or any other debts. The calculator builds a combined payoff plan so you can see the full picture.