Estimate the monthly payment and total interest on a car loan. Enter the loan amount, annual interest rate, and term in months or years. The calculator uses the standard amortization formula and runs locally in your browser.
How it works
The monthly payment uses the standard amortization formula M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the term in months. Total interest is the sum of monthly payments minus the original principal, and the principal-vs-interest bar shows the share of total cost that goes to each.
Processing runs in your browser
Every calculation runs locally in your browser as JavaScript. The loan amount, rate, and term you enter stay on your device.
Calculations are estimates for informational purposes only. Consult a financial professional for advice.
Frequently asked questions
- How is an auto loan payment calculated?
- Monthly payments follow the amortization formula M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly rate (annual divided by 12), and n is the number of months. Each payment is split between principal and interest, with the balance going down over time.
- What is a typical auto loan term?
- Auto loan terms commonly range from 36 to 84 months. Shorter terms have higher monthly payments but lower total interest. Longer terms reduce the monthly payment but increase total cost and can leave you owing more than the vehicle is worth.
- Does the interest rate affect total cost much?
- Yes. Even a one percentage point difference can add or save hundreds of dollars across the loan term. Compare offers from multiple lenders and check the APR rather than the headline rate, because APR includes most fees.
- Is my data sent to a server?
- All calculations run in your browser. Loan amounts, rates, and terms you enter stay in your browser.