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
This calculator uses the financed amount, annual percentage rate, and loan term in months to estimate a fixed monthly payment. It also calculates total interest over the full term, so you can compare different down payments and durations before signing a financing offer.
Understanding your car financing cost
Auto loans are installment loans with equal monthly payments. A longer term lowers monthly cost but raises total interest. A larger down payment reduces both payment size and interest burden. Comparing combinations helps you find a payment that fits your budget without overpaying for the vehicle.
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.