Car Loan Calculator with Extra Payments
Calculate how extra payments can save you time and money on your car loan.
Calculator
Results
Regular Monthly Payment
$466.08
Payment with Extra
$566.08
Total Interest Saved
$581.57
Time Saved
0 years 11 months
How It Works
The Car Loan Calculator with Extra Payments uses the following formulas:
- Regular Monthly Payment:
P = L[c(1 + c)^n] / [(1 + c)^n - 1]
Where:- P = Monthly payment
- L = Loan amount
- c = Monthly interest rate (annual rate divided by 12)
- n = Total number of months
- For each payment (with or without extra):
Interest = Balance × Monthly Interest Rate Principal = Payment - Interest New Balance = Balance - Principal
The calculator compares the loan payoff with and without extra payments, showing how much time and money you can save by making additional payments towards the principal.
How to Use
- Enter the total price of the car you're planning to purchase.
- Input your down payment amount.
- Specify the annual interest rate for your car loan.
- Select the loan term in months (typically 36, 48, 60, or 72 months for car loans).
- Enter the amount of extra payment you plan to make each month.
- Review the results, which show:
- Your regular monthly payment
- Your monthly payment with the extra amount
- The total interest you'll save by making extra payments
- The time you'll save on your loan term
- Use the graph to visualize how extra payments affect your loan balance over time compared to the regular payment schedule.