Everyone knows paying off mortgage prinicpal can net you tens of thousands of dollars in interest payments -- but what about car loans? With the help of the online Auto Loan Payoff Calculator from BankingMyWay.com, you can now figure that out.
The calculator provides an amortization schedule based on details such as loan amount, interest rate, duration and time remaining. It then calculates a second schedule based on additional monthly payments. The calculator compares the two, giving you the estimated savings.
Let's say you take out a 60-month, $18,000 loan at 6.77%, the recent national average for auto loans, according to rates published by BankingMyWay.com. If you get a raise after a year, you might consider making additional $50 monthly payments for the remaining 48 months. According to the calculator, doing so means you'd save $304 in interest payments by the time your loan is paid off.
Friday, September 5, 2008
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