Auto Loan Calculator with Extra Payments

Loan Amount ($):

Annual Interest Rate (%):

Loan Term (months):

Monthly Extra Payment ($):

How to Use the Auto Loan Calculator with Extra Payments

An Auto Loan Calculator with Extra Payments helps you estimate how much interest you’ll save and how quickly you can pay off your loan when you make additional monthly payments beyond the required minimum.

Why Use This Calculator?

Adding just a few extra dollars each month can significantly reduce:

Your total interest paid
Your loan term
The overall cost of your vehicle

This tool lets you simulate that effect in real time.

Step-by-Step Guide

Step 1: Enter the Loan Amount

Type in the total amount you’re borrowing (e.g., $25,000).

Step 2: Input the Interest Rate

Provide the annual interest rate offered by your lender (e.g., 5.5 for 5.5%).

Step 3: Choose the Loan Term

Enter the length of your loan in months (e.g., 60 for a 5-year term.

Step 4: Add Extra Monthly Payment

Add the amount you plan to pay extra each month. This can be as little as $20.

Step 5: Click “Calculate Loan”

You’ll instantly get:

The regular monthly payment (without extra)
Total interest you’d pay without extra payments
Interest you’ll pay with extra payments
Months saved from your loan term

Example:

Let’s say:

Loan: $25,000
Interest: 5.5%
Term: 60 months
Extra: $50/month

You’ll see:

Monthly Payment: $477.15
Interest Saved: $683.40
Months Saved: 7