Finn

This calculator offers a smart, mathematically sound way to decide if paying off a car loan early is worth the penalty fee. It compares your options by simulating what happens if you park your lump sum in a savings account and draw from it to make your monthly payments, which perfectly captures the opportunity cost of your cash. Keep in mind that the math assumes you have the full payoff amount—including the penalty—sitting in cash today, and that your savings yield will hold steady over the rest of the loan term.

Reviewed v26.7.0