Car Loan Calculator
Estimate your monthly car loan payments and total cost
Payment Schedule
| Month | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| 1 | $417.84 | $317.58 | $100.26 | $21,557.42 |
| 2 | $417.84 | $319.03 | $98.80 | $21,238.39 |
| 3 | $417.84 | $320.50 | $97.34 | $20,917.89 |
| 4 | $417.84 | $321.96 | $95.87 | $20,595.93 |
| 5 | $417.84 | $323.44 | $94.40 | $20,272.49 |
| 6 | $417.84 | $324.92 | $92.92 | $19,947.57 |
| 7 | $417.84 | $326.41 | $91.43 | $19,621.16 |
| 8 | $417.84 | $327.91 | $89.93 | $19,293.25 |
| 9 | $417.84 | $329.41 | $88.43 | $18,963.84 |
| 10 | $417.84 | $330.92 | $86.92 | $18,632.92 |
| 11 | $417.84 | $332.44 | $85.40 | $18,300.48 |
| 12 | $417.84 | $333.96 | $83.88 | $17,966.52 |
| 13 | $417.84 | $335.49 | $82.35 | $17,631.03 |
| 14 | $417.84 | $337.03 | $80.81 | $17,294.00 |
| 15 | $417.84 | $338.57 | $79.26 | $16,955.43 |
| 16 | $417.84 | $340.13 | $77.71 | $16,615.30 |
| 17 | $417.84 | $341.68 | $76.15 | $16,273.62 |
| 18 | $417.84 | $343.25 | $74.59 | $15,930.37 |
| 19 | $417.84 | $344.82 | $73.01 | $15,585.54 |
| 20 | $417.84 | $346.40 | $71.43 | $15,239.14 |
| 21 | $417.84 | $347.99 | $69.85 | $14,891.15 |
| 22 | $417.84 | $349.59 | $68.25 | $14,541.56 |
| 23 | $417.84 | $351.19 | $66.65 | $14,190.37 |
| 24 | $417.84 | $352.80 | $65.04 | $13,837.57 |
| 25 | $417.84 | $354.42 | $63.42 | $13,483.15 |
| 26 | $417.84 | $356.04 | $61.80 | $13,127.11 |
| 27 | $417.84 | $357.67 | $60.17 | $12,769.44 |
| 28 | $417.84 | $359.31 | $58.53 | $12,410.13 |
| 29 | $417.84 | $360.96 | $56.88 | $12,049.17 |
| 30 | $417.84 | $362.61 | $55.23 | $11,686.56 |
| 31 | $417.84 | $364.27 | $53.56 | $11,322.29 |
| 32 | $417.84 | $365.94 | $51.89 | $10,956.34 |
| 33 | $417.84 | $367.62 | $50.22 | $10,588.72 |
| 34 | $417.84 | $369.31 | $48.53 | $10,219.41 |
| 35 | $417.84 | $371.00 | $46.84 | $9,848.42 |
| 36 | $417.84 | $372.70 | $45.14 | $9,475.72 |
| 37 | $417.84 | $374.41 | $43.43 | $9,101.31 |
| 38 | $417.84 | $376.12 | $41.71 | $8,725.19 |
| 39 | $417.84 | $377.85 | $39.99 | $8,347.34 |
| 40 | $417.84 | $379.58 | $38.26 | $7,967.76 |
| 41 | $417.84 | $381.32 | $36.52 | $7,586.44 |
| 42 | $417.84 | $383.07 | $34.77 | $7,203.37 |
| 43 | $417.84 | $384.82 | $33.02 | $6,818.55 |
| 44 | $417.84 | $386.59 | $31.25 | $6,431.96 |
| 45 | $417.84 | $388.36 | $29.48 | $6,043.61 |
| 46 | $417.84 | $390.14 | $27.70 | $5,653.47 |
| 47 | $417.84 | $391.93 | $25.91 | $5,261.54 |
| 48 | $417.84 | $393.72 | $24.12 | $4,867.82 |
| 49 | $417.84 | $395.53 | $22.31 | $4,472.29 |
| 50 | $417.84 | $397.34 | $20.50 | $4,074.95 |
| 51 | $417.84 | $399.16 | $18.68 | $3,675.79 |
| 52 | $417.84 | $400.99 | $16.85 | $3,274.80 |
| 53 | $417.84 | $402.83 | $15.01 | $2,871.97 |
| 54 | $417.84 | $404.67 | $13.16 | $2,467.30 |
| 55 | $417.84 | $406.53 | $11.31 | $2,060.77 |
| 56 | $417.84 | $408.39 | $9.45 | $1,652.37 |
| 57 | $417.84 | $410.26 | $7.57 | $1,242.11 |
| 58 | $417.84 | $412.14 | $5.69 | $829.97 |
| 59 | $417.84 | $414.03 | $3.80 | $415.93 |
| 60 | $417.84 | $415.93 | $1.91 | $0.00 |
About This Car Loan Calculator
Our Car Loan Calculator is a powerful financial tool designed to help you estimate your monthly car payments and understand the total cost of your auto loan. Whether you’re planning to buy a new or used car, this calculator provides valuable insights into how different loan terms, interest rates, and down payments affect your overall financial commitment.
How It Works
The calculator uses standard loan amortization formulas to determine your monthly payment amount and breaks down the total cost of your loan. Here’s the process:
- You input the vehicle price, down payment, loan term, interest rate, and other relevant details
- The calculator subtracts your down payment and trade-in value from the vehicle price
- It adds applicable sales tax to determine the total loan amount
- Using the loan amount, interest rate, and term, it calculates your monthly payment
- The tool then generates a complete amortization schedule showing how each payment is split between principal and interest
Key Features
- Comprehensive Calculation: Accounts for vehicle price, down payment, trade-in value, sales tax, interest rate, and loan term
- Interactive Sliders: Easily adjust loan terms and interest rates with intuitive sliders
- Detailed Results: Shows monthly payment, total interest, and total loan cost
- Amortization Schedule: Complete breakdown of each payment throughout the loan term
- Shareable Results: Easily share your calculation with others via social media or messaging apps
- Mobile-Friendly: Works perfectly on all devices from smartphones to desktop computers
How to Use This Calculator
Using our car loan calculator is simple and straightforward:
- Enter Vehicle Price: Input the total price of the car you’re considering
- Add Down Payment: Enter how much you plan to pay upfront
- Set Loan Term: Choose how many months you want to repay the loan (typically 36-72 months)
- Input Interest Rate: Enter your expected annual interest rate (check current rates with lenders)
- Include Trade-in Value: If applicable, add the value of your current vehicle
- Add Sales Tax: Include your local sales tax rate
- Calculate: Click the calculate button to see your results
After calculation, you can adjust any parameter to see how it affects your monthly payment and total loan cost.
Frequently Asked Questions
Financial experts typically recommend a down payment of at least 20% of the vehicle’s price. This helps reduce your monthly payments, lowers the total interest paid, and can help you avoid being “upside down” on your loan (owing more than the car is worth).
Longer loan terms (72-84 months) result in lower monthly payments but significantly higher total interest costs. Shorter terms (36-48 months) mean higher monthly payments but less interest overall and faster equity buildup.
The total cost includes the vehicle price (minus down payment and trade-in), plus sales tax, plus all interest charges over the life of the loan.
This calculator provides estimates based on standard loan amortization formulas. Actual loan terms from lenders may vary slightly based on your credit score, specific lender policies, and other factors.
Yes, if you’re financing these additional items with your car loan, include their cost in the vehicle price for the most accurate payment estimate.
Tips for Getting the Best Car Loan
- Check your credit score: Higher scores typically qualify for lower interest rates
- Shop around: Compare rates from multiple lenders including banks, credit unions, and online lenders
- Consider shorter terms: While monthly payments are higher, you’ll save significantly on interest
- Negotiate the price first: Focus on getting the best vehicle price before discussing financing
- Pre-approval: Getting pre-approved for a loan gives you bargaining power at the dealership
Understanding Your Results
The monthly payment shown represents your estimated fixed payment for the duration of the loan. The amortization schedule reveals how each payment is split between principal (reducing your loan balance) and interest (the cost of borrowing). Early in the loan, most of your payment goes toward interest. As the loan progresses, more of each payment goes toward reducing the principal.
By adjusting the various parameters in the calculator, you can find a payment that fits your budget while minimizing total interest costs. Remember that while extending the loan term lowers monthly payments, it increases the total amount you’ll pay for the vehicle.
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by Naveen Ram