Find out how fast you can pay off your car loan with extra or biweekly payments, and how much interest you’ll save.
Year-by-year balance
| End of year | Balance as scheduled | Balance with extra | Interest paid as scheduled | Interest paid with extra |
|---|
What if you paid a different extra amount?
| Extra per month | Paid off in | Months cut | Total interest | Interest saved |
|---|
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Updated 24 October 2026. Results are estimates for information only, not financial, tax, legal or investment advice. Actual rates, fees, taxes and rules vary. How our calculators work
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How to use the Car Loan Payoff Calculator
- Enter the remaining balance and APR, then either the number of months left or your monthly payment (leave months blank to work it out from the payment).
- Add an extra amount per month, a one-time lump sum, or tick biweekly payments (half a payment every two weeks).
- See the new payoff date, the months cut and the interest saved compared with paying as scheduled, and the year-by-year balance both ways.
About this tool
Car loans are short compared with mortgages, but the same rule applies: anything above the required payment reduces principal and the interest that would have been charged on it. Because most auto loans use simple interest with no prepayment penalty, extra payments are applied immediately.
Biweekly payments work because there are 26 two-week periods in a year: paying half your monthly payment every two weeks means 13 full payments a year instead of 12. The calculator models this as one extra monthly payment spread across the year. Check that your lender applies partial payments to principal rather than holding them until a full payment is received.
A lump sum, such as a tax refund or a bonus, saves the most when it is paid early, because it removes interest on that money for every remaining month. Mark any extra payment as “principal only” so the lender doesn’t treat it as your next scheduled payment. For a step-by-step plan, read our guide on how to pay off a car loan faster.
Frequently asked questions
Is it worth paying off a car loan early?
Often yes if the APR is above what your savings earn after tax, and having no prepayment penalty removes the main cost of doing it. It is not automatic, though: an emergency fund, higher-rate debt such as a credit card, or an employer pension match usually deserve the money first. With a promotional 0% loan, keep the cash and pay on schedule.
How long will it take to pay off my car loan?
Enter your balance, APR and monthly payment, and leave the months field blank: the calculator works out the months left and the payoff date. Then add an extra payment to see how much sooner you would finish.
Is there a penalty for paying off a car loan early?
Most simple-interest auto loans have none, but some contracts include a prepayment penalty or use precomputed interest. Look for a “prepayment” clause in your contract, or ask the lender for a payoff quote, before sending a large extra payment.
Does paying extra lower my monthly payment?
No — the required payment stays the same; the loan simply ends sooner. Some lenders will re-amortize (lower the payment) on request, but that saves less interest.
Will paying off a car loan early hurt my credit score?
Closing an installment account can cause a small dip, because it shortens your mix of open accounts. It is usually minor next to the interest saved, and the effect fades as your other accounts age, but how quickly depends on your own credit file. Treat it as a minor factor rather than a reason either way.
What if my loan uses precomputed interest?
Some subprime auto loans precompute interest (the Rule of 78s). Extra payments then save less than shown here. Ask your lender if the loan is simple interest.