Calculate Your Car Loan With Extra Payments

Find out how much you can save by adding extra to your monthly or one-time payments.

Start by entering your loan info.

How We Calculate Your Loan Numbers

Monthly Payment

We use this well-known loan formula:

M = P × [r(1 + r)^n] / [(1 + r)^n − 1]

• P = loan amount
• r = monthly rate (yearly rate ÷ 12)
• n = total payments (years × 12)

Interest vs. Principal

For every payment:

Interest is found using: Balance × Monthly Rate
Principal is: Payment − Interest
New balance = Old Balance − Principal

Extra Payments

Extra money goes directly toward the principal. This means:
• Your balance drops faster
• You pay less interest overall
• The loan ends sooner

Payment Frequency

We convert all schedules to monthly terms:
• Monthly = once a month
• Bi-weekly = ≈ 2.17 times per month
• Yearly = once every year

References

• Standard amortization math
• CFPB recommendations
• Federal Reserve guidelines

Reminder: These are estimates. Ask your lender for exact numbers.