Car Loan Payoff Calculator

Pay off your auto loan early with extra payments.

Input Parameters

Remaining Loan Balance

Interest Rate (%)

Current Monthly Payment

Extra Monthly Payment

Current Vehicle Value

Trade-in or private-party value today (KBB / Edmunds)

Annual Depreciation (%)

Most vehicles lose 15–20% of value per year after the first

Paid Off In

3y 11m

47 months from today.

Time Saved by Paying Extra

12 months

Without the extra $100/mo it would take 59 months.

Interest Saved

$941

Total interest drops from $4,337 to $3,395.

You Are Upside Down By

$3,000

You owe more than the vehicle is worth. If it were totalled today, insurance would pay the value — not the loan — and you would owe the difference. This is the gap GAP insurance covers.

Equity Turns Positive In

16 months

The month your loan balance drops below the vehicle's depreciated value. GAP insurance stops being necessary after this point.

Months of Negative Equity Avoided

By paying extra, you escape being underwater sooner.

Analysis