Auto Loan Early Payoff

How much interest can you save by increasing your auto loan payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your auto loan!

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Definitions

Annual interest rate
Annual interest rate. Maximum interest rate is 20%.

Loan length (months)
Total length, or term, of your original auto loan in months.

Original loan amount
The original amount financed with your auto loan, not to be confused with the remaining balance or principal balance.

Additional monthly payment
Your proposed extra payment per month. This payment will be used to reduce your principal balance.

Monthly scheduled payment
Monthly principal and interest payment based on your original loan amount, term and interest rate.

Monthly accelerated payment
Scheduled payment plus additional monthly payment.

Total savings
Total amount you would save in interest if you made the accelerated payment until your loan was paid in full.

The financial calculators are for educational purposes only and are to assist you in estimating the approximate costs associated with any bank activity. Your actual costs may vary.

The information provided should not be construed as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.

Securities, Insurance and Advisory Services are:

NOT A DEPOSIT • NOT FDIC-INSURED • NOT GUARANTEED BY THE BANK
NOT INSURED BY ANY STATE OR FEDERAL GOVERNMENT AGENCY • MAY GO DOWN IN VALUE

BB&T Insurance Services, Inc. and BB&T Investment Services, Inc. are each a wholly owned subsidiary of Branch Banking and Trust Company. Scott & Stringfellow, LLC. is a wholly owned subsidiary of BB&T Corporation. BB&T Investment Services, Inc. is a Member FINRA/SIPC. Scott & Stringfellow, LLC. is a Member of NYSE/SIPC.

Branch Banking and Trust Company is a Member FDIC and an Equal Housing Lender. Equal Housing Lender

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