Car loan calculator
Enter the car price, your down payment, the term and the rate. The payment updates as you type.
What you enter stays on this page and is not sent anywhere.
The same payment every month until the car is paid off. Most car loans work this way.
- Monthly payment
- $594.04
- Amount financed
- $30,000.00
- Total interest
- $5,642.16
- Loan repaid with interest
- $35,642.16
- Total cost with down payment
- $40,642.16
The interest adds 16.12% of the car price.
Other terms at the same rate
| Months | Monthly | Total interest |
|---|---|---|
| 12 | $2,595.80 | $1,149.63 |
| 24 | $1,343.18 | $2,236.26 |
| 36 | $926.31 | $3,347.26 |
| 48 | $718.39 | $4,482.59 |
| 60 | $594.04 | $5,642.16 |
| 72 | $511.47 | $6,825.85 |
If the rate is different
| Rate | Monthly | Total interest |
|---|---|---|
| 6% | $579.98 | $4,799.04 |
| 6.5% | $586.98 | $5,219.07 |
| 7% | $594.04 | $5,642.16 |
| 7.5% | $601.14 | $6,068.31 |
| 8% | $608.29 | $6,497.51 |
| 9% | $622.75 | $7,365.04 |
Year by year
| Year | Paid | Interest | Balance |
|---|---|---|---|
| 1 | $7,128.43 | $1,935.49 | $24,807.06 |
| 2 | $7,128.43 | $1,560.09 | $19,238.72 |
| 3 | $7,128.43 | $1,157.56 | $13,267.85 |
| 4 | $7,128.43 | $725.92 | $6,865.34 |
| 5 | $7,128.43 | $263.09 | $0.00 |
How to use it
- Type the price of the car and your down payment, as an amount or a percent.
- Pick the term in months and enter the yearly rate from your loan offer.
- Try a balloon payment to see a lower monthly payment and the lump sum left at the end.
Questions
How is a balloon car loan worked out here?
The balloon part of the price stays owed until the last month. You pay only interest on it each month, and the rest of the loan is repaid in equal payments. The balloon is then assumed to be paid in one sum; refinancing or returning the car changes the total.
Is a longer term cheaper?
The monthly payment falls, but you pay interest for more months, so the total interest rises. The term table under the result shows both for 12 to 72 months at the same rate.
Should I enter the APR or the interest rate?
Enter the yearly rate charged on the balance. If your offer only gives the APR, using it gives a close estimate that also counts the fees built into the APR.
Does the payment include sales tax and registration?
Only if you add them to the price. Taxes, title, registration and insurance vary by state and dealer, so put the amount you will actually finance in the price field.
More tools
