Auto Loan Calculator
Calculate your monthly auto loan payment, total interest, and view the complete amortization schedule
Results
Monthly Payment
$586.98
Total Interest
$5,219.11
Total Payment
$35,219.11
Amortization Schedule
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $424.48 | $162.50 | $29,575.52 |
| 2 | $426.78 | $160.20 | $29,148.74 |
| 3 | $429.09 | $157.89 | $28,719.65 |
| 4 | $431.42 | $155.56 | $28,288.23 |
| 5 | $433.75 | $153.23 | $27,854.48 |
| 6 | $436.10 | $150.88 | $27,418.38 |
| 7 | $438.46 | $148.52 | $26,979.92 |
| 8 | $440.84 | $146.14 | $26,539.08 |
| 9 | $443.23 | $143.75 | $26,095.85 |
| 10 | $445.63 | $141.35 | $25,650.22 |
| 11 | $448.04 | $138.94 | $25,202.18 |
| 12 | $450.47 | $136.51 | $24,751.71 |
Tips for Getting the Best Auto Loan
- •Check your credit score before applying
- •Compare rates from multiple lenders
- •Consider a larger down payment to reduce monthly costs
- •Shorter loan terms mean less total interest
How Auto Loan Calculation Works
Our auto loan calculator uses the standard amortization formula to calculate your monthly payment. The formula considers three key factors: the loan amount (vehicle price minus down payment), the annual interest rate (APR), and the loan term in months. Each monthly payment consists of two parts: principal (reducing your loan balance) and interest (the cost of borrowing).
Understanding Your Auto Loan
When you finance a vehicle, you're essentially borrowing money to pay for it over time. The lender charges interest as the cost of lending you money. Your monthly payment is calculated so that by the end of the loan term, you'll have paid back both the original amount borrowed (principal) and all the interest charges.
Frequently Asked Questions
The monthly payment is calculated using the PMT formula, which considers the loan amount, annual interest rate, and loan term. The formula accounts for compound interest to give you an accurate monthly payment figure.