Amortization Tables:
Line: Month: Payment: Interest: Principle: Balance
Current: 8.5% over next 2 years
Loan 12/1/2012 - - - $10,379.00
1 1/1/2013 300.00 73.52 226.48 10,152.52
2 2/1/2013 300.00 71.91 228.09 9,924.43
3 3/1/2013 300.00 70.30 229.70 9,694.73
4 4/1/2013 300.00 68.67 231.33 9,463.40
5 5/1/2013 300.00 67.03 232.97 9,230.43
6 6/1/2013 300.00 65.38 234.62 8,995.82
7 7/1/2013 300.00 63.72 236.28 8,759.54
8 8/1/2013 300.00 62.05 237.95 8,521.58
9 9/1/2013 300.00 60.36 239.64 8,281.94
10 10/1/2013 300.00 58.66 241.34 8,040.61
11 11/1/2013 300.00 56.95 243.05 7,797.56
12 12/1/2013 300.00 55.23 244.77 7,552.79
13 1/1/2014 200.00 53.50 146.50 7,406.29
14 2/1/2014 300.00 52.46 247.54 7,158.75
15 3/1/2014 300.00 50.71 249.29 6,909.46
16 4/1/2014 300.00 48.94 251.06 6,658.40
17 5/1/2014 300.00 47.16 252.84 6,405.57
18 6/1/2014 300.00 45.37 254.63 6,150.94
19 7/1/2014 300.00 43.57 256.43 5,894.51
20 8/1/2014 300.00 41.75 258.25 5,636.26
21 9/1/2014 300.00 39.92 260.08 5,376.19
22 10/1/2014 300.00 38.08 261.92 5,114.27
23 11/1/2014 300.00 36.23 263.77 4,850.49
24 12/1/2014 300.00 34.36 265.64 4,584.85
Interest Payment ~$1305
At: 3.24%
Loan 12/1/2012 - - - $10,379.00
1 1/1/2013 300.00 28.02 271.98 10,107.02
2 2/1/2013 300.00 27.29 272.71 9,834.31
3 3/1/2013 300.00 26.55 273.45 9,560.86
4 4/1/2013 300.00 25.81 274.19 9,286.68
5 5/1/2013 300.00 25.07 274.93 9,011.75
6 6/1/2013 300.00 24.33 275.67 8,736.09
7 7/1/2013 300.00 23.59 276.41 8,459.67
8 8/1/2013 300.00 22.84 277.16 8,182.51
9 9/1/2013 300.00 22.09 277.91 7,904.61
10 10/1/2013 300.00 21.34 278.66 7,625.95
11 11/1/2013 300.00 20.59 279.41 7,346.54
12 12/1/2013 300.00 19.84 280.16 7,066.37
13 1/1/2014 200.00 19.08 180.92 6,885.45
14 2/1/2014 300.00 18.59 281.41 6,604.04
15 3/1/2014 300.00 17.83 282.17 6,321.88
16 4/1/2014 300.00 17.07 282.93 6,038.94
17 5/1/2014 300.00 16.31 283.69 5,755.25
18 6/1/2014 300.00 15.54 284.46 5,470.79
19 7/1/2014 300.00 14.77 285.23 5,185.56
20 8/1/2014 300.00 14.00 286.00 4,899.56
21 9/1/2014 300.00 13.23 286.77 4,612.79
22 10/1/2014 300.00 12.45 287.55 4,325.24
23 11/1/2014 300.00 11.68 288.32 4,036.92
24 12/1/2014 300.00 10.90 289.10 3,747.82
25 1/1/2015 300.00 10.12 289.88 3,457.94
26 2/1/2015 300.00 9.34 290.66 3,167.28
27 3/1/2015 300.00 8.55 291.45 2,875.83
28 4/1/2015 300.00 7.76 292.24 2,583.59
29 5/1/2015 300.00 6.98 293.02 2,290.57
30 6/1/2015 300.00 6.18 293.82 1,996.75
31 7/1/2015 300.00 5.39 294.61 1,702.15
32 8/1/2015 300.00 4.60 295.40 1,406.74
33 9/1/2015 300.00 3.80 296.20 1,110.54
34 10/1/2015 300.00 3.00 297.00 813.54
35 11/1/2015 300.00 2.20 297.80 515.73
36 12/1/2015 300.00 1.39 298.61 217.13
Interest payment: ~$538
At current rate with no added payments in the next 2 years you will spend ~1305 in interest, versus 3 years of ~538 in interest. Already this is a greater than 760 savings.
If you were to look at Interest paid at end of 2013: 8.5% is $773, 3.24% $287. *assuming no additional payments, payment amount the same.
You will be avoided ~500-700 in interest payments that you will then contribute back to principle. You are cutting off a month or two of regular payments and begin contributed those car payment funds elsewhere.
Worth it? I vote yes.