Auto loan payoff calculator
See when your car will be paid off and how much interest you'll pay over the life of the loan.
Each month, interest accrues on your remaining balance at one-twelfth your APR, then your payment is applied — whatever's left after interest reduces the principal.
- Add interest for the month to the balance.
- Apply your payment; anything beyond that month's interest reduces principal.
- Repeat until the balance reaches $0.
Example: Using the example numbers below, this works out to a months to pay off: 4 yrs 2 mo, with a total interest paid of $2,726.
Your numbers
Prefilled with a typical example — edit to match your statement.
Your current payoff balance, not the original loan amount
Your loan's annual interest rate
What you pay toward this loan each month
Months to pay off
4 yrs 2 mo
September 2030
$2,726
$20,726
$18,000
Current plan
With an extra $50/month
You save on months to pay off
6 months
Amortization schedule — see the full breakdown
First and last 3 periods shown below; expand for all 50.
| Month | Payment | Principal | Interest | Remaining balance |
|---|---|---|---|---|
| 1 | $420 | $317 | $104 | $17,684 |
| 2 | $420 | $318 | $102 | $17,365 |
| 3 | $420 | $320 | $100 | $17,045 |
| 48 | $420 | $414 | $6 | $562 |
| 49 | $420 | $417 | $3 | $145 |
| 50 | $146 | $145 | $1 | $0 |
Show all 50 periods
| Month | Payment | Principal | Interest | Remaining balance |
|---|---|---|---|---|
| 1 | $420 | $317 | $104 | $17,684 |
| 2 | $420 | $318 | $102 | $17,365 |
| 3 | $420 | $320 | $100 | $17,045 |
| 4 | $420 | $322 | $98 | $16,723 |
| 5 | $420 | $324 | $96 | $16,399 |
| 6 | $420 | $326 | $94 | $16,074 |
| 7 | $420 | $328 | $92 | $15,746 |
| 8 | $420 | $329 | $91 | $15,416 |
| 9 | $420 | $331 | $89 | $15,085 |
| 10 | $420 | $333 | $87 | $14,752 |
| 11 | $420 | $335 | $85 | $14,417 |
| 12 | $420 | $337 | $83 | $14,080 |
| 13 | $420 | $339 | $81 | $13,741 |
| 14 | $420 | $341 | $79 | $13,400 |
| 15 | $420 | $343 | $77 | $13,057 |
| 16 | $420 | $345 | $75 | $12,712 |
| 17 | $420 | $347 | $73 | $12,365 |
| 18 | $420 | $349 | $71 | $12,016 |
| 19 | $420 | $351 | $69 | $11,665 |
| 20 | $420 | $353 | $67 | $11,312 |
| 21 | $420 | $355 | $65 | $10,957 |
| 22 | $420 | $357 | $63 | $10,600 |
| 23 | $420 | $359 | $61 | $10,241 |
| 24 | $420 | $361 | $59 | $9,880 |
| 25 | $420 | $363 | $57 | $9,517 |
| 26 | $420 | $365 | $55 | $9,151 |
| 27 | $420 | $367 | $53 | $8,784 |
| 28 | $420 | $369 | $51 | $8,415 |
| 29 | $420 | $372 | $48 | $8,043 |
| 30 | $420 | $374 | $46 | $7,669 |
| 31 | $420 | $376 | $44 | $7,293 |
| 32 | $420 | $378 | $42 | $6,915 |
| 33 | $420 | $380 | $40 | $6,535 |
| 34 | $420 | $382 | $38 | $6,153 |
| 35 | $420 | $385 | $35 | $5,768 |
| 36 | $420 | $387 | $33 | $5,381 |
| 37 | $420 | $389 | $31 | $4,992 |
| 38 | $420 | $391 | $29 | $4,601 |
| 39 | $420 | $394 | $26 | $4,207 |
| 40 | $420 | $396 | $24 | $3,811 |
| 41 | $420 | $398 | $22 | $3,413 |
| 42 | $420 | $400 | $20 | $3,013 |
| 43 | $420 | $403 | $17 | $2,610 |
| 44 | $420 | $405 | $15 | $2,205 |
| 45 | $420 | $407 | $13 | $1,798 |
| 46 | $420 | $410 | $10 | $1,388 |
| 47 | $420 | $412 | $8 | $976 |
| 48 | $420 | $414 | $6 | $562 |
| 49 | $420 | $417 | $3 | $145 |
| 50 | $146 | $145 | $1 | $0 |
See if there's a better option
Refinancing at a lower rate could cut into the $2,726 in interest you're on track to pay.
Checking won't affect your credit score.
Key takeaway: Auto loans amortize the same way credit cards do, but at much lower rates — the average new 60-month auto loan runs around 7.1%, so extra payments buy you less in interest savings than they would on a credit card, but still shorten the loan.
Why does refinancing sometimes make sense?
If rates have dropped since you financed, or your credit has improved, refinancing can lower your APR — which reduces the interest charged on your remaining balance for the rest of the loan, without changing how much you originally borrowed. Compare your current rate against (Federal Reserve G.19 Consumer Credit report, as of 2026-05-01) to see whether you're paying above the going rate.
How do I pay it off faster?
The same two levers apply as any amortizing loan: pay more each month, or lower the rate. Extra payments compound in your favor because every dollar of principal you clear early stops accruing interest for every month that follows. If you're carrying credit card debt at the same time, the math usually favors attacking the higher-rate balance first — see the credit card payoff calculator to compare.
How we calculate this
This calculator uses standard declining-balance amortization, the same method your lender uses: each month, interest accrues on your remaining balance at one-twelfth your APR, then your payment is applied — whatever's left after interest reduces principal. We repeat that until the balance reaches $0.
Frequently asked questions
How is my auto loan payoff date calculated?
Each month, interest is added to your remaining balance based on your APR, then your payment is applied. Whatever is left after interest reduces the principal. We repeat that month by month until the balance reaches $0 — the month that happens is your payoff date.
Should I use my original loan amount or my current balance?
Use your current payoff balance — the amount left to pay today, not what you originally borrowed. You can find it on your latest loan statement or by calling your lender.
Does paying extra each month actually help on a car loan?
Yes. Extra payments go straight to principal, which reduces the balance interest is calculated on for every remaining month — so even a modest extra payment can shave months and real dollars off the loan.
Sources
- Federal Reserve, G.19 Consumer Credit report (Federal Reserve G.19 Consumer Credit report, as of 2026-05-01)
- Consumer Financial Protection Bureau, Auto loans
Last updated 2026-07-01
Written by Centave Editorial Team — Centave's in-house calculator and content team
Reviewed by Centave Accuracy Review on 2026-06-15 — Centave's fact-checking and methodology review process
Not financial advice. This calculator is for education — confirm details with your card issuer before deciding.