Auto Loan Calculator Calculate Your Monthly Payments Over the Life of Your Car Loan

Need an auto loan to buy the car you need? Whether getting a new or used vehicle, use this loan calculator to estimate your monthly payments. You’ll also get a detailed report of your amortization schedule, which breaks down your monthly interest and principal. Compare options from different lenders, see how changes in your interest rate can affect what you pay and get long-term payment details so you can budget and avoid defaulting. Simply enter in the required information, then review the tables and charts for the nitty-gritty details.

Car Price*
Down payment (optional)
Trade-in value (optional)
Annual interest rate*
Length of term (months)*
First payment date*

* Required

Monthly payments $0.00
chart
  • Principal paid
  • Total interest paid
MONTHLY BREAKDOWN OF PAYMENTS
Month Month's Starting Balance Payment Interest Paid Principal Paid New Balance
- - - - - -
Interest and Principal Timeline
This graph shows you a breakdown of how much interest and principal you pay per payment. Click on the graph to see specific amounts.
Chart-1
Balance Payoff Timeline
This graph shows you a breakdown of your loan balance after each monthly payment. Click on the graph to see specific details throughout the life of your loan.
Chart-2
  • Principal
  • Interest
  • Balance
Month 0
  • PRINCIPAL $0.00
  • INTEREST $0.00
  • BALANCE REMAINING $0.00

An important note about this calculator: The results provided by this calculator are for illustrative purposes only. The information provided is not a guarantee or indication of eligibility for an auto loan from a financial institution. For individualized and specific details, consult a qualified financial professional.

How to Use this Car Loan Calculator

Inputs Description
Annual interest rate Prospective lenders will give you an interest rate quote based on factors such as your credit score, debt-to-income ratio, loan amount, length of term and the age of the vehicle you want to buy. Enter in the rate you were quoted.
Car price Enter the cost of the car you want to buy. This can be the Manufacturer’s Suggested Retail Price (MSRP) or the cost you negotiated with the dealer.
Down payment This is the initial upfront portion of the total amount due and is usually paid in cash. Some experts argue buyers should put at least 20 percent down for a car, but a 2015 Edmunds analysis showed the average down payment was around 10 percent. Realistically, there isn’t a magical amount that’s right or wrong. Instead, you should pay an amount that won’t put you in the hole or cause you to default on your loan.
First payment month This is the date you agreed to start making payments towards the loan. The date will be used to create a monthly breakdown of your payments – also called an amortization schedule – over the lifetime of the loan.
Length of term Lenders will give you a term anywhere from 12 to 84 months. However, the longer you finance your car, the more interest you pay.
Trade-in value Enter the amount of credit a car dealer is willing to give you for your current vehicle. The credit, which is based on market price, can go towards the purchase price of the new or used car you want to buy next. To do your own research on car valuation, try industry resources such as Kelley Blue Book.
Outputs Description
Balance payoff timeline A visual timeline illustrating how your total balance changes over time, if you’re making the monthly payments on schedule.
Interest and principal timeline A visual timeline showing how your interest payments change over time, if you’re making the monthly payments on schedule. With car loans, your payment will be applied to the interest due first. As a result, the payments at the beginning of your loan will cover more interest charge than the payments towards the end of the loan.
Monthly payments The amount you need to pay each month in order to pay off your car loan within the agreed upon length of term.
Principal paid The original amount you agreed to pay back.
Remaining balance The amount you still owe on the loan.
Total interest paid The total amount of interest you paid.

If you’re not satisfied with the above results, you may want to keep shopping around. To learn more about car loans, including how to get the best possible deal, read MoneyGeek’s guide on auto loans for more information.

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Updated: April 14, 2017