Auto Loan Payoff Calculator
The Auto Loan Payoff Calculator shows how many months remain on your car loan at your current payment, plus the total interest you will still pay.
What this means
Car loans are amortizing, so interest is charged on the shrinking balance. The faster you pay, the less interest you owe — and the sooner you own the car free and clear.
How we calculate it
Formula
Payoff months = log(PMT / (PMT − P × r)) / log(1 + r) — with P balance, r monthly rate, PMT payment.Worked example
A $15,000 balance at 5% with a $350 monthly payment:
- 1Monthly rate = 5% / 12 = 0.4167%
- 2Payoff months ≈ 46 months (about 3.8 years)
- 3Total interest ≈ $1,125
Important assumptions
- The payment is fixed and the rate is fixed for the remaining term.
- No prepayment penalties apply.
Frequently asked questions
Should I pay off my car loan early?
If your APR is higher than what you could earn by investing the money, paying it off early is usually the better financial move. Check for prepayment penalties first.
What if my car is worth less than I owe?
You're 'upside down' on the loan. You can still pay it off faster to close the gap, or explore trading in after the balance drops enough.