Auto Loan Calculator with Extra Payments and Lump Sum

How to Use This Calculator

To use this auto loan calculator:

1. Enter your loan amount in the "Loan Amount" field.
2. Input your annual interest rate in the "Interest Rate" field.
3. Specify the loan term in years in the "Loan Term" field.
4. Enter your regular monthly payment in the "Regular Monthly Payment" field.
5. Add any extra monthly payments in the "Extra Monthly Payments" field.
6. Include any lump sum payments in the "Lump Sum Payments" field.
7. Click the "Calculate" button to see your results.

The calculator will display your new loan term, total interest paid, and a chart showing your loan balance over time.

How the Calculator Works

The calculator uses the following formula to determine your loan balance after each payment:

For lump sum payments, the calculator subtracts the lump sum from the current balance at the specified month.

The calculator continues this process until the loan balance reaches zero, tracking the number of months required to pay off the loan.

Example Calculation

Let's say you have a $20,000 auto loan with a 5% annual interest rate and a 5-year term. Your regular monthly payment is $389. You want to add an extra $100 each month and make a lump sum payment of $1,000 at the end of the first year.

Using the calculator:

1. Enter $20,000 as the loan amount.
2. Enter 5% as the interest rate.
3. Enter 5 as the loan term.
4. Enter $389 as the regular monthly payment.
5. Enter $100 as the extra monthly payments.
6. Enter $1,000 as the lump sum payment.
7. Click "Calculate".

The calculator will show that your loan will be paid off in 48 months (4 years) instead of 60 months, saving you $589 in interest.