Car loan extra payment calculator
Already in the loan and want out sooner? Put in the balance, the rate from your own contract and the months you have left, add what you can spare per payment, and see exactly what it buys: the month the loan actually ends, and the interest that never gets charged. Bi-weekly and 96-month loans handled, because that is who asks.
On a $30,000 balance with 96 months left, the scheduled payment is about $207 every two weeks at 9.64% APR over 96 months (9.64% from your own loan). Add $25 to every one of them and the loan ends about 14 months sooner, with $2,180 of interest never charged.
Paid off in
82 months
against the 96 months on the schedule
Interest never charged
$2,180
$13,093 on the schedule becomes $10,914
Payments you never make
31
177 payments instead of the scheduled 208
Run your own loan
Will your loan let you pay extra?
Most Canadian car loans are open, which means extra payments and early payout without a penalty, and the whole saving above is yours. Some fixed-term contracts differ, and the finance office is not always clear about which one you signed. The procedure that settles it in one phone call is in the bi-weekly payments guide, along with why 26 payments a year is not the same thing as twice a month.
The math here assumes the extra goes straight at the balance, which is what an open loan does with it. It is not a fee, not a penalty, and not lost: it is principal you no longer pay interest on.
Keep these numbers
This address carries your loan exactly as entered, so you can bookmark it or send it to whoever shares the payments.
Reload with these numbersPricing the next car instead?
This page is for the loan you have. For the one you are thinking about, the full calculator prices the whole car: payment, insurance in your city, fuel and a plain verdict.
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