Early Auto Loan Payoff Calculator

early auto loan calculator payoff

The other day I got an email from a reader looking for some sort financial spreadsheet that would help her calculate how early she would be able to pay off her auto loan…

Hello! I have been reading ChristianPF articles for a few months now and have found so much useful information in the archives! I am currently searching for an Excel spreadsheet for a loan payment schedule. I have found many that deal with the “debt snowball” approach, but have not been able to find one which takes into account both the monthly payment on the loan and additional payments made each month. My husband and I are wanting to pay our auto loan off early and would like a way to project the payoff time line with additional payments. Due to income fluctuations, the amount of additional payments we could make each month would vary. Would you happen to know where we could find such a spreadsheet?

I don’t know of a spreadsheet that would handle that for her (if you do, or can create one please let me know!), but I do know of an early auto loan payoff calculator over at Bankrate that be close to what she is looking for.

early auto loan calculator payoff

It would handle everything except the variable additional payments each month. Until some Excel whiz comes up with a spreadsheet to do that, I think the best bet would just to take a best-guess average of the anticipated additional payment each month and use that figure.

Do you have any other calculators or spreadsheets that would help her?

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  1. Emily

    There is an Excel spreadsheet that you can download. I use Excel 2007. When you click “New”, it brings up a whole list of items that can be downloaded. Under “Schedules”, click on “Business Schedules”, and then downloan the “Loan amortization schedule”. Once you download it, just fill in your information at the top. Since she is looking for a variable extra payment amount, instead of putting the extra payment in the top section, go down to the bottom section and override the formula by just typing in the amount of the extra payment right in the cell under the “Extra Payment” column.

  2. Lea Sadler

    One important thing to remember when considering paying down your debt–choose carefully when deciding what debt to pay off first. Using the handy-dandy calculator in this post ( 🙂 ), check to see if paying off a longer-term (and usually lower interest) debt like your home will save you more money in the long run than paying off a shorter-term, higher interest loan.

    Because longer-term debt compounds for a much longer period of time, it’s possible that paying this kind of debt down first might save you more.

  3. Evan

    There is a fantastic spreadsheet from Vertex that lets you put in past additional principal payments. Much better than the calc above. Just google Vertex Auto Loan Payoff

  4. Sandy @ yesiamcheap

    Small payments add up to so much over time. I paid off my loans 5 months early by adding $20 and $30 here and there. Every little bit helps.