Auto Loan Interest Calculator: Lower Payment Estimation

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January 27, 2012

If you're interested in finding an auto loan interest calculator, we can help. There can be times when you can afford to close a loan early. However, not many loan companies will allow you to do that. A few companies also have something called an early payoff penalty. If you can afford it at the time, then it is a good idea to find out how much you could save with an early payoff of your loan.

Auto Loan Payoff Calculator Uses

It's not easy calculating exactly how much you have to pay extra to make sure that the loan is reduced. This is where you can find an auto loan payoff calculator easy to use. There are many sites online which work on the same principle of calculating interest rates. The calculator will require the loan details and the interest payments that you're making at present. The calculator runs on the simple principle of finding out exactly how much you'll have to pay extra every month to reduce the loan.

Using the Calculator

We recommend that you use reliable calculators that are attached to websites like MSN Money, because they're updated regularly. Using the calculator itself is very easy. Just put in the principal amount that you have borrowed and then put in the interest rate.  A few calculators will also ask for the time period of the loan. The calculator will then create a printable sheet of your current payments and provide an amortization schedule for paying back the loan in a longer period of time. These calculators are also called Compound Interest Calculators, Interest Calculators or EMI calculators.

Amortization Schedule Advantages

A few of the best loan calculators will also calculate the exact amortization schedule that is required. That means you will also get an accurate listing of the amounts you have to pay and when. These schedules are decided according to the payments that you're making at present and they also tell exactly how the payments are divided. Another advantage with online amortization schedules is that you will be able to find out how much of your payment is paid towards the balance and interest amount. The schedule will have a running tracker of how the amounts are reduced over the years. You can also choose the time period of the amortization in the form of 10, 20 or even 30 years.

Are Online Loan Calculators Reliable?

Yes, most of them are very reliable. You can also choose to use calculators that are associated with banks that will give you much more accurate information that is reliable, too. If you don't really want to use online calculators, ask your bank representative to find out how much you have to pay to reduce the monthly payments. They will also provide you with a breakup of the payments to let you know how much of the payment is going towards the loan amount and the interest amount.

Related Questions and Answers

Can You do a Car Loan Amortization Schedule with a Variable Rate Loan?

A car loan amortization schedule shows you how each loan payment affects the principal and the interest on the loan. It can tell you exactly how much interest you will be paying over the life of the loan. Unfortunately, with a variable rate loan you are not going to know exactly what your rate is going to be at any given time. Variable rate loans are tied to an index and the loan rate changes on a regular basis. This means that doing an amortization schedule is impossible to nail down completely. It is possible to get an idea by plugging in interest rates within a certain range that you feel the interest rate will fluctuate in.

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