Auto Loan Extra Payment Calculator

Loan Amount ($) Annual Interest Rate (%) Loan Term (Years) Extra Monthly Payment ($) Total Loan Payment ($) Loan Duration (Months)

function calculateAutoLoan() { const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; const loanTerm = parseFloat(document.getElementById(“loanTerm”).value) * 12; const extraPayment = parseFloat(document.getElementById(“extraPayment”).value); if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(extraPayment) || loanAmount <= 0 || loanTerm el.value = “”); }

This auto loan extra payment calculator helps you estimate the impact of extra monthly payments on your loan balance and the time to pay it off.

Loan Payment Formula

Monthly Payment = Loan Amount × (Interest Rate / (1 – (1 + Interest Rate)^-Loan Term))
Total Payment = Monthly Payment × Loan Term

Example Calculation

$20,000 loan, 5.5% annual interest, 5 years term → $200 extra monthly payment → $23,400 total loan payment.

Why It Matters

Extra payments reduce your loan balance faster and can save you on interest over time.

Smart Strategy

Use extra payments to pay off your loan faster or reduce the total cost of your auto loan.

FAQs

How do extra payments work? Extra payments reduce your loan principal, which can shorten the loan term and reduce interest.

Can I make lump sum payments? Yes, any additional payments, whether monthly or lump sum, can help you pay off the loan early.