![]() In other words, you’d finish the auto loan 12 months early. This gives us 24, which is the number of months it would take to pay off $8,000 with your payment amount. Then, divide this $8,000 by your monthly payment amount of $333. You’d subtract that from the remaining balance of $12,000 to get $8,000. Now, say you want to pay an extra $4,000 this month. The result is the approximate number of months it would take to pay the loan off.Īs an example, let’s say you have $12,000 left on your loan and there are 36 months remaining in the term.Divide the remainder by your monthly payment.Subtract the lump sum from the current balance.Write down your current monthly payment.Write down the remaining months and current balance.However, you can find an estimate by doing your own calculations. What if you want to make a large one-time payment on your auto loan? Most auto loan payoff calculators calculate extra monthly payments, not a single lump-sum payment. Those extra payments would help you finish repaying the loan seven months early and save more than $200 in interest. ![]() Extra amount you expect to pay each monthīelow, you can see example payoff information if you paid $100 extra each month on a $20,000 loan with 36 months remaining in the term.Still, it’s a good idea to gather the following loan information to ensure an accurate result: Information Needed To Use an Auto Loan Calculatorĭifferent calculators may ask different questions about your loan. You’ll then see how early you’d finish paying the loan and how much interest you’d save. To use a car payoff calculator, input information about your loan and estimated additional monthly payment amount.
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