Auto Loan Early Payoff Calculator
Use this calculator to see how making extra payments toward your auto loan can reduce the loan term and save you money on interest.
Calculate Your Savings
Why Pay Off Your Auto Loan Early?
- Save on Interest: Reduce the total interest paid over the life of the loan.
- Financial Freedom: Free up money for other expenses or investments.
- Improved Credit: Paying off loans early can improve your debt-to-income ratio.
How This Calculator Works
By entering your loan details and the amount of extra payments you can make each month, this calculator estimates the time and interest savings from paying off your loan early.
Example Calculation
Assume you have:
- Loan Balance: ₹4,00,000
- Interest Rate: 7%
- Monthly Payment: ₹10,000
- Extra Payment: ₹2,000
Result: Loan paid off in 3 years and 4 months, saving ₹35,000 in interest.