How much interest did I save by paying off my loan early?

[tjstogner]

I can't figure this out... I just paid off my loan entirely, about 4 years early.

5 year loan, with maturity date: 11/15/2016
Amount financed: $9,284.40
APR: 5.70%
Monthly Payment Amount $179.01
Last payment (payoff) amount: $7,940.91

How much money did I save by paying it off 4 years early? Thanks

 

[flnycus]

Just under $1000, abt $995 give or take a few bucks saved. Good job.

 

[Texas_4Runner]

If you had paid it all the way out for 60 months you would have spend $10,740. So subtract whatever you paid (all monthly payments + payoff) and you have your answer.

 

[NJshadow93]

Using the money saved for mods?

 

[BlackWorksInc]

Honestly, while saving money is nice. Think about the fact that you just gave a big love nudge to your credit!

I paid my 15k loan off in a year and a half at 7%-ish interest (4yr loan if your wondering). But about a grand sounds right.