Car loan payoff calculator
Enter your balance, APR, and monthly payment to see months to payoff, total interest, and savings from extra payments.
Paid off in 38 months (Dec 2029)
Total interest: $1,174.20
Balance Over Time
Compare strategies on the debt snowball calculator or model a credit card payoff.
FAQ
How is car loan interest calculated each month?
We use standard amortization with monthly compounding: remaining balance × APR ÷ 100 ÷ 12, rounded to the nearest cent, then subtract your payment (plus any extra).
What if my payment does not cover the monthly interest?
The balance would grow. The calculator shows an error when your payment is not greater than that month's interest charge.
Does this include insurance, fees, or a trade-in?
No. Enter your remaining loan balance and fixed monthly payment. It assumes no new borrowing until the loan is paid off.