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Loan payment calculator
Enter the loan amount, rate and length. Add an extra monthly payment to see how much sooner you finish and how much interest you save.
Monthly payment
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- Paid off in
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- Total interest
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- Saved by extra payments
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- Total you pay
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PrincipalInterest
Balance as you pay it off
How the payment is worked out
The payment is fixed, and each month some of it covers interest on what you still owe while the rest reduces the balance. Early payments are mostly interest, which is why the balance falls slowly at first.
An extra payment goes straight to the balance, so you owe less interest every month after. Even a small extra amount can take months off a car loan. Fees and insurance are not included.