Reading the schedule at a date
Each payment first covers the interest for that month, then reduces the balance. The split shifts over time, so the balance after 12 payments is not simply the original loan minus 12 payments.
This calculator uses the payment date you enter to work out how many payments have been made by the date you are checking.
Worked example
£20,000 at 7% over 5 years costs £396.02 a month. After 12 payments, £3,461.96 of principal and £1,290.33 of interest have been paid, leaving £16,538.04.
With 48 payments left, the interest still to come is £2,471.11. That is the amount a settlement or refinance could reduce.
Why the date matters
Lenders charge interest daily between payments, so a settlement figure quoted mid-month differs from the statement balance. Always ask for a dated payoff quote.
If you are selling privately, the buyer needs the exact settlement figure on the day of sale.
Inputs for the auto loan start date calculator
Original loan amount
How much was borrowed at the start.
Interest rate (per year)
The yearly rate, charged monthly at one twelfth of the rate.
Original term
The full term of the loan, in years.
Payments made
How many monthly payments have already been made.
First payment date
The date of the first payment, used to date the schedule.
CALCULATOR QUESTIONS
Auto loan calculator with start date questions
What is the balance after a year?
In the example, £16,538.04 on a £20,000 loan at 7% over 5 years.
Is this the same as my settlement figure?
Close, but not exact. Daily interest between payments means the lender's quote can differ slightly.
Why has so little principal been repaid?
Interest is front-loaded. In the first year £1,290.33 of the £4,752 paid was interest.
Can I use this to plan a sale?
Yes, as an estimate. Ask the lender for a dated settlement quote before agreeing a sale.