The short answer
With the default numbers ($30,000 balance, 7.5% APR, $600 a month), adding $100 a month pays the loan off about 10 months sooner and saves roughly $1,050 in interest.
Ask your lender how extra payments are applied. Some apply extra money to future payments unless you tell them it's for principal only. Check your contract for any prepayment terms.
Calculator
What does an extra payment save?
Enter your current loan balance, APR and monthly payment, then try an extra amount each month. Ask your lender how extra payments are applied; some apply them to future payments unless you say "principal only."
How to use it
- Change one number at a time to see what moves the result.
- Use numbers from the window sticker, your lender or your own fuel records.
- It runs in your browser; nothing you type is sent to us.
Related tools
All tools: fuel cost, out-the-door price, payment explainer.
Questions
Do extra car payments go to principal?
It depends on the lender. Ask, and specify principal-only if that's what you want.
Is it better to pay extra or refinance?
It depends on your rate and fees. A lower APR cuts interest on every payment; extra payments cut the balance faster. You can compare both here by changing the APR.
Next steps at Swant Graber
Swant Graber Motors (Chevrolet, Ram, Dodge): 1690 E Division Ave, Barron, WI 54812, 715-537-5657. Swant Graber Ford: 1697 E Division Ave, 715-537-9500. Search new or used inventory, or see shop near you for model-by-model answers.
