Car Loan Payoff Calculator

See your estimated payoff date, total interest and the impact of extra payments or refinancing.

Current balance ($)

Current APR (%)

Remaining months

Current monthly payment — optional ($)

Extra monthly payment ($)

One-time payment now ($)

Refinance APR for comparison (%)

Methodology and assumptions

If no payment is entered, the standard amortized payment is calculated. Each month, interest equals opening balance × APR ÷ 12; the remainder reduces principal.

Limitations: Fees, prepayment penalties, taxes and lender-specific daily interest are not included.

For educational estimates only. Results are not financial, tax, engineering or investment advice. Verify important decisions with a qualified professional and current official data.

See how an extra payment changes the payoff date

Compare the scheduled payoff with a recurring extra principal payment or a one-time lump sum. The useful outputs are months saved, interest saved and the revised payoff date—not just the new monthly payment. Confirm that your lender applies extra money to principal and check whether the contract contains a prepayment penalty.

The calculator is an estimate; lender rounding, daily interest, fees and payment timing can change the final statement.

Methodology reviewed: 1 October 2026

Car-loan payoff methodology and decision checks

The payoff simulation applies one month of interest to the opening balance, subtracts that interest from the payment and applies the remainder to principal. A lump sum is deducted before the monthly simulation. The refinance comparison uses the entered refinance APR over the remaining term; it excludes closing fees, so compare interest savings with every refinance fee before acting.

What to copy from your statement

Current principal balance—not the original vehicle price.
APR, which can differ from the note rate when fees are involved.
Required monthly payment and remaining term.
Any prepayment penalty or payoff-quote fee.

If the entered payment does not exceed monthly interest, the balance cannot amortize and the calculator displays a validation warning. For an exact payoff amount, request a dated payoff quote from the lender.

Primary reference: US Consumer Financial Protection Bureau—auto loans.

Frequently asked questions

Is the current balance the same as a payoff quote?

Not always. A payoff quote may include daily accrued interest and permitted fees.

Should I refinance only for a lower APR?

Compare the total remaining interest and all refinance fees, not only the advertised APR or monthly payment.

How does a lump-sum payment help?

It immediately reduces principal, so future interest is calculated from a smaller balance.