Car Payment Calculator
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Results
Month | Beginning Balance | Payment | Principal | Interest | Ending Balance |
---|---|---|---|---|---|
1 | $31,500 | $494 | $387 | $107 | $31,113 |
2 | $31,113 | $494 | $388 | $106 | $30,725 |
3 | $30,725 | $494 | $389 | $105 | $30,336 |
4 | $30,336 | $494 | $391 | $103 | $29,945 |
5 | $29,945 | $494 | $392 | $102 | $29,553 |
6 | $29,553 | $494 | $393 | $101 | $29,160 |
7 | $29,160 | $494 | $395 | $99 | $28,765 |
8 | $28,765 | $494 | $396 | $98 | $28,369 |
9 | $28,369 | $494 | $397 | $97 | $27,971 |
10 | $27,971 | $494 | $399 | $95 | $27,573 |
11 | $27,573 | $494 | $400 | $94 | $27,172 |
12 | $27,172 | $494 | $402 | $93 | $26,771 |
13 | $26,771 | $494 | $403 | $91 | $26,368 |
14 | $26,368 | $494 | $404 | $90 | $25,964 |
15 | $25,964 | $494 | $406 | $88 | $25,558 |
16 | $25,558 | $494 | $407 | $87 | $25,151 |
17 | $25,151 | $494 | $408 | $86 | $24,743 |
18 | $24,743 | $494 | $410 | $84 | $24,333 |
19 | $24,333 | $494 | $411 | $83 | $23,922 |
20 | $23,922 | $494 | $413 | $82 | $23,509 |
21 | $23,509 | $494 | $414 | $80 | $23,095 |
22 | $23,095 | $494 | $415 | $79 | $22,680 |
23 | $22,680 | $494 | $417 | $77 | $22,263 |
24 | $22,263 | $494 | $418 | $76 | $21,845 |
25 | $21,845 | $494 | $420 | $74 | $21,425 |
26 | $21,425 | $494 | $421 | $73 | $21,004 |
27 | $21,004 | $494 | $423 | $72 | $20,582 |
28 | $20,582 | $494 | $424 | $70 | $20,158 |
29 | $20,158 | $494 | $425 | $69 | $19,732 |
30 | $19,732 | $494 | $427 | $67 | $19,305 |
31 | $19,305 | $494 | $428 | $66 | $18,877 |
32 | $18,877 | $494 | $430 | $64 | $18,447 |
33 | $18,447 | $494 | $431 | $63 | $18,016 |
34 | $18,016 | $494 | $433 | $61 | $17,583 |
35 | $17,583 | $494 | $434 | $60 | $17,149 |
36 | $17,149 | $494 | $436 | $58 | $16,713 |
37 | $16,713 | $494 | $437 | $57 | $16,276 |
38 | $16,276 | $494 | $439 | $55 | $15,838 |
39 | $15,838 | $494 | $440 | $54 | $15,397 |
40 | $15,397 | $494 | $442 | $52 | $14,956 |
41 | $14,956 | $494 | $443 | $51 | $14,513 |
42 | $14,513 | $494 | $445 | $49 | $14,068 |
43 | $14,068 | $494 | $446 | $48 | $13,622 |
44 | $13,622 | $494 | $448 | $46 | $13,174 |
45 | $13,174 | $494 | $449 | $45 | $12,725 |
46 | $12,725 | $494 | $451 | $43 | $12,274 |
47 | $12,274 | $494 | $452 | $42 | $11,822 |
48 | $11,822 | $494 | $454 | $40 | $11,368 |
49 | $11,368 | $494 | $455 | $39 | $10,913 |
50 | $10,913 | $494 | $457 | $37 | $10,456 |
51 | $10,456 | $494 | $458 | $36 | $9,997 |
52 | $9,997 | $494 | $460 | $34 | $9,537 |
53 | $9,537 | $494 | $462 | $33 | $9,076 |
54 | $9,076 | $494 | $463 | $31 | $8,613 |
55 | $8,613 | $494 | $465 | $29 | $8,148 |
56 | $8,148 | $494 | $466 | $28 | $7,681 |
57 | $7,681 | $494 | $468 | $26 | $7,213 |
58 | $7,213 | $494 | $470 | $25 | $6,744 |
59 | $6,744 | $494 | $471 | $23 | $6,273 |
60 | $6,273 | $494 | $473 | $21 | $5,800 |
61 | $5,800 | $494 | $474 | $20 | $5,326 |
62 | $5,326 | $494 | $476 | $18 | $4,850 |
63 | $4,850 | $494 | $478 | $17 | $4,372 |
64 | $4,372 | $494 | $479 | $15 | $3,893 |
65 | $3,893 | $494 | $481 | $13 | $3,412 |
66 | $3,412 | $494 | $482 | $12 | $2,930 |
67 | $2,930 | $494 | $484 | $10 | $2,446 |
68 | $2,446 | $494 | $486 | $8 | $1,960 |
69 | $1,960 | $494 | $487 | $7 | $1,472 |
70 | $1,472 | $494 | $489 | $5 | $983 |
71 | $983 | $494 | $491 | $3 | $492 |
72 | $492 | $494 | $492 | $2 | $0 |
Tips
Adding extra to your monthly payment would reduce your principal balance faster since more money would be left over after finance charges. Having a lower balance sooner in turn reduces your interest payments, as your interest rate would apply to a smaller amount and compounding would be diminished. In short, you’ll save a lot of money in the long run and get out of debt much sooner – if you can afford to scrimp now. But we know that adding extra to your monthly bills could be a big deal!
Loan Comparison | Original Monthly Payment | New Monthly Payment |
---|---|---|
Monthly Payment | $494 | $544 |
Number of Payments | 72 | 65 |
Payoff Date | May 2028 | October 2027 |
Interest till Payoff | $4,076 | $3,648 |
Interest Savings | - | $428 |
Payoff Period Shortened By | - | 7 Months |
Tips
Making smaller payments more frequently is a great way to build discipline and improve budgeting efforts. It will also save you money on interest and help you get out of debt sooner. How? By making more than one payment per month, you would reduce your average daily balance – the amount your APR applies to. You would therefore pay less in interest each month. With lower monthly costs, more of your budgeted monthly payment will apply to your principal balance and you’ll be back above water ahead of schedule.
Loan Comparison | Original Monthly Payment | Every Two Weeks |
---|---|---|
Monthly Payment | $494 | $247 |
Number of Payments | 72 | 143 |
Pay Off Date | May 2028 | October 2027 |
Interest till Payoff | $4,076 | $3,673 |
Interest Savings | - | $403 |
Payoff Period Shortened By | - | 7 Months |
Tips
The longer your loan term is, the more you’ll pay in interest. That’s because interest compounds over time, which means a given month’s finance charges are the result of applying your account’s APR to the sum of your principal balance and the interest you were charged the month before (and the month before that, etc.). In order to use this saving strategy, however, one must be able to afford higher monthly payments. You’ll save on interest in the long run; fewer monthly payments simply demand bigger monthly contributions.
Loan Comparison | Original Term (72 mon) | Proposed Term (60 mon) |
---|---|---|
Monthly Payment | $494 | $581 |
Number of Payments | 72 | 60 |
Pay Off Date | May 2028 | May 2027 |
Interest till Payoff | $4,076 | $3,384 |
Interest Savings | - | $692 |
Monthly Payment Increased By | - | $87 |
Cities with the Most Auto Loan Debt
*Highest Car Loan Debts = 99th Percentile
Questions & Answers
- Most Popular
- Most Upvotes
I owe 21,800 at 14percent but plan to pay it off this month how much will I pay
My monthly payment is 491 a month At 72 months with 13percent how fast can I pay off if I pay 591
My monthly payment is 1056. 00 for 72moths. If I give 1 extra payment to principal every month how much faster can I pay it off?
If my car is $11,000 and I pay $460 a month. How long will it take to pay it?
I have 12000 left on my car note at 475 a month should it be paid off next year
If I have 19 payments left, how many months do I have until my car is paid in full?
If my car is $ 30772. 76 and get it refinanced at an 6. 3 apr what would my payment be
If my car is 16,000 and I pay 220 every two weeks how many years do I have to pay to complete the payment
How many years is 42 payments left
Ask the Experts
- What are the most common mistakes people make when shopping for a car?
- In what circumstances is leasing a smarter option than buying?
- Generally, what percentage of take-home pay should go to car payments?
- What are your predictions for car sales in 2022? Should we expect to see an increase prompted by a lack of confidence in public transport, or less commuting due to more people working from home?
Program Director for Walden University's College of Management and Technology
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JD, CFP® – Director, Personal Financial Planning Program; Associate Professor – Finance, Gordon Ford College of Business – Western Kentucky University
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Ph.D., CFP® – Retired Professor, Personal Financial Planning, School of Financial Planning – Texas Tech University
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Ph.D. Candidate, Gatton College of Business and Economics – University of Kentucky
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Associate Professor, Decision Sciences and Marketing, Robert B. Willumstad School of Business – Adelphi University
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MPH, AFC® – Financial Wellness Educator, Family and Consumer Sciences – University of Maryland Extension, Central Maryland
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