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Accelerate Auto Payment Calculator

Should I accelerate my auto payments?

Sometimes it is worthwhile to make a principal payment to save on interest charges. This calculator can help show how extra payments will impact your auto loan. Adding slightly more than required to your monthly payments can save hundreds in interest. Paying more than the required amount will also decrease the loan length, freeing up monthly payments down the road.

Loan Information
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Accelerate Auto Payments Calculator Key Terms

  1. Extra Monthly Payments
    The extra amount you would like to add to the monthly car payment. This number can be changed to determine how much you want to save in overall interest.
  2. Interest Rate
    An interest rate is how much you will pay each year to borrow money from TDECU, your bank, or your lender expressed as a percentage.
  3. Loan Term (Months)
    The number of months you will pay on your auto loan. The most common loan terms are between 36 and 84 months.
  4. Number of Payments Made
    Defines how many payments have been made since the start date of the original loan.
  5. Original Loan Balance
    The original starting value of the loan.

Our financial calculators are provided as a free service to our Members. The information these calculators supply is from various sources based on calculations we believe to be reliable (but are not guaranteed, explicit, or implied) regarding their accuracy or applicability to your specific circumstances. All examples are hypothetical and illustrative and do not intend to provide investment advice. TDECU does not accept any liability for loss or damage whatsoever, which may be attributable to the reliance on and use of the calculators. Use of any calculator constitutes acceptance of the terms of this agreement. TDECU recommends finding a qualified professional for advice about your personal finance issues.