Calculate the total amount needed to pay off your car loan early.
(This is an estimate. Check your loan statement for the exact figure.)
(Some loans have a fee for early payoff. Check your loan contract.)
(Add any extra amount you wish to pay towards the loan.)
Total Buyout Amount
$0.00
Understanding Your Car Loan Buyout
Paying off your car loan early can save you money on interest and free up your monthly budget. A car loan buyout is the process of paying the remaining balance of your auto loan in full. This calculator helps you determine the exact total amount you'll need to pay to satisfy your loan obligation, considering potential fees and any additional payments you might want to make.
Key Components of a Car Loan Buyout:
Current Loan Balance: This is the principal amount of the loan that you still owe. It's the most significant part of your buyout calculation.
Estimated Remaining Interest: Even if you pay off the loan early, you typically owe interest accrued up to the payoff date. While some loan structures might not charge full remaining interest, it's prudent to include an estimate. Check your loan statement or contact your lender for the precise interest amount due on your payoff date.
Early Payoff Penalty Fee: Some loan agreements include a penalty for paying off the loan before the scheduled term. This fee is designed to compensate the lender for lost interest. It's crucial to review your loan contract to see if such a penalty applies. If there's no penalty, enter $0.00.
Additional Payment (Optional): This field allows you to include any extra amount you wish to pay beyond the calculated payoff total. This could be to round up the payment or to add a little extra buffer.
How the Car Loan Buyout Calculator Works:
The calculator uses a straightforward formula to compute the total buyout amount:
Total Buyout Amount = Current Loan Balance + Estimated Remaining Interest + Early Payoff Penalty Fee + Additional Amount to Pay
The calculator validates that all input fields contain valid numerical data before performing the calculation, ensuring accurate results and preventing errors like "NaN" (Not a Number).
When to Use This Calculator:
When you have received a loan statement and want to understand the exact amount to pay off your loan.
When you are considering paying off your car loan early and want to know the total cost, including any potential fees.
When you want to budget for an early loan payoff and need a clear figure.
By accurately calculating your car loan buyout amount, you can make informed financial decisions and potentially save money on interest charges. Always confirm the final payoff figure with your lender before making a payment.
function calculateBuyout() {
var balance = parseFloat(document.getElementById("currentLoanBalance").value);
var interest = parseFloat(document.getElementById("remainingInterest").value);
var penalty = parseFloat(document.getElementById("prepaymentPenalty").value);
var additional = parseFloat(document.getElementById("additionalPayment").value);
var buyoutResult = document.getElementById("buyoutResult");
if (isNaN(balance) || balance < 0) {
alert("Please enter a valid current loan balance.");
buyoutResult.innerText = "$0.00";
return;
}
if (isNaN(interest) || interest < 0) {
alert("Please enter a valid estimated remaining interest.");
buyoutResult.innerText = "$0.00";
return;
}
if (isNaN(penalty) || penalty < 0) {
alert("Please enter a valid early payoff penalty fee.");
buyoutResult.innerText = "$0.00";
return;
}
if (isNaN(additional) || additional < 0) {
additional = 0; // Treat non-numeric additional payment as 0
}
var totalBuyout = balance + interest + penalty + additional;
buyoutResult.innerText = "$" + totalBuyout.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}