Enter your current balance and add an extra monthly payment to see months saved and interest reduced.
Current loan
How much you still owe
Yearly cost of your loan as a percentage
Your required payment each month
Extra payment
Optional amount added each month.
Additional amount to pay each month
Interest Saved
$701.94
13 months sooner — August 2030
13 months sooner
Consider applying tax refunds or windfalls the same way—they compound with monthly extras.
On a $$20,000.00 balance at 6% APR, paying $400.00 plus $100.00 extra each month clears the loan in 45 months instead of 58.
Without Extra Payments
With Extra Payments
Savings
Impact of Extra Payments
Saves $701.94 and 13 months.
Enter the current balance, APR, regular monthly payment, and extra monthly amount. Check with the lender that an extra payment will reduce principal rather than merely advance a future due date, and check the contract for any prepayment charge.
The calculator builds one payoff schedule with the regular payment and another with the added monthly amount. Because interest is charged on the remaining balance, earlier principal reductions can lower later interest charges.
The difference between schedules shows estimated months and interest saved by paying extra. An extra monthly payment is modeled each month, not as a one-time lump sum. A regular payment too small to cover accruing interest cannot pay the loan off.
Both schedules assume a fixed APR and on-time monthly payments. The estimate excludes any prepayment charge and assumes your lender applies the extra amount to principal.
Sources: CFPB: Paying principal on an auto loanCFPB: Auto loan prepayment penalties