Car Pay Off Loan Calculator

Formatting only. This does not change the calculation.
The nominal annual rate (APR before fees), not the monthly rate.
Added to the term in years, for terms such as 5 years and 6 months. To state a tenure purely in months, set the years to 0 and enter the whole tenure here.
Lenders usually let you pick one or the other after a lump sum. Regular extra principal always shortens the term.
Some deals cap how much you may overpay in a year before an early repayment charge applies, as a percentage of the balance at the start of the year. Your mortgage offer states the figure; leave it at 0 if your loan has no cap.
Interest saved by extra payments
865.4
Extra Payment Payoff Calculator
Payment
489.15
Total interest
3,483.80
Total of payments
28,483.80
Number of payments
49
Payoff time
4.083 years
Rate per period
0.541667 %
Interest per unit borrowed
0.1394
Payments saved
11
Interest without extra payments
4,349.2
Payments without extra payments
60
Years cut from the term
0.917
New payoff time
4.083 years
Overpayment planned in year one
1,200
Worked out from Standard annuity-immediate payment formula, PMT = P i / (1 - (1+i)^-n) and 1 other source.

How this is worked out

5 steps
  1. Scheduled payment on 25000 at 6.5% is 489.15.
  2. Adding 100 of principal each period changes the payoff.
  3. Without extras: 60 payments and 4349.2 interest.
  4. With extras: 49 payments and 3483.8 interest.
  5. That saves 865.4 and 11 payments (0.917 years).
Yearly summarytable
yearinterestprincipalendingBalance
11,459.835,609.9719,390.03
21,084.115,985.6913,404.34
3683.246,386.567,017.78
4255.526,814.28203.5
51.1203.50

Results are general information, not financial, tax, legal, medical or engineering advice.