Car loan calculator with extra payments

The monthly payment is the number the dealer talks about. The total cost is the number that matters. Enter the deal — or the loan you already have — and see both, plus what extra payments save.

Never judge a car loan by the monthly payment

Stretching a loan from 48 to 72 or 84 months makes the payment smaller and the total bigger. The table under your result shows the same car at the same rate over every common term, so you can see what the lower payment actually costs.

Why long loans go underwater

A car loses value fastest in its first few years. On a long loan you pay the balance down slowly, so for years you can owe more than the car is worth. If it is totaled or you need to sell, you pay the difference. Extra payments early close that gap.

Paying extra the right way

• Check that your loan has no prepayment penalty, and tell the lender to apply the extra to principal, not to next month's payment.
• If you carry card debt at a higher rate than the car loan, the card comes first.
• This leaves out sales tax, fees and add-ons. Ask for the out-the-door price and the amount financed before you sign.

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