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How much interest can you save by increasing your auto loan payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your auto loan!
Annual interest rate - Annual interest rate. Maximum interest rate is 20%.
Loan length (months) - Total length, or term, of your original auto loan in months.
Original loan amount - The original amount financed with your auto loan, not to be confused with the remaining balance or principal balance.
Additional monthly payment - Your proposed extra payment per month. This payment will be used to reduce your principal balance.
Monthly scheduled payment - Monthly principal and interest payment based on your original loan amount, term and interest rate.
Monthly accelerated payment - Scheduled payment plus additional monthly payment.
Total savings - Total amount you would save in interest if you made the accelerated payment until your loan was paid in full.