Pay Your Car Loan Faster and Determine Savings of Extra Payments
Tutorial for the Car Loan Early Payoff Calculator.
How to Use the Calculator
The calculator is very straight forward. Enter your total loan, interest rate and term (such as 60 months). Then enter the number of months you have left, if it is a brand new loan then just have the total months left equal the term. Add your additional monthly payment amount, in other words how much are you going to add to your payment. As an example, if you have a $529 monthly payment and you will add another $100 then just put $100 into the “What is your additional monthly payment?” box.
Summary : by modifying your additional monthly payment you can see your savings in real time, change the amount to see your total savings of time and money.
You'll shorten your loan by months and save in interest by paying instead of per month.