Auto Loan Calculator
Free auto loan calculator to estimate monthly car payments. Enter vehicle price, down payment, trade-in value, sales tax, loan term, and interest rate. Compare different loan terms side by side. View full amortization schedule showing principal vs interest breakdown.
Estimated Monthly Payment
$572.11
60 months at 6.5% APR
Loan Amount
$29,240.00
Total Interest
$5,086.85
Total Cost of Loan
$34,326.85
Loan-to-Value
91.4%
Full Cost Breakdown
Compare Loan Terms
Principal vs. Interest Over Time
Amortization Schedule
60 months total| Month | Payment | Principal | Interest | Total Interest | Balance |
|---|---|---|---|---|---|
| 1 | $572.11 | $413.73 | $158.38 | $158.38 | $28,826.27 |
| 2 | $572.11 | $415.97 | $156.14 | $314.53 | $28,410.30 |
| 3 | $572.11 | $418.23 | $153.89 | $468.41 | $27,992.07 |
| 4 | $572.11 | $420.49 | $151.62 | $620.04 | $27,571.58 |
| 5 | $572.11 | $422.77 | $149.35 | $769.38 | $27,148.81 |
| 6 | $572.11 | $425.06 | $147.06 | $916.44 | $26,723.76 |
| 7 | $572.11 | $427.36 | $144.75 | $1,061.19 | $26,296.40 |
| 8 | $572.11 | $429.68 | $142.44 | $1,203.63 | $25,866.72 |
| 9 | $572.11 | $432.00 | $140.11 | $1,343.74 | $25,434.72 |
| 10 | $572.11 | $434.34 | $137.77 | $1,481.52 | $25,000.37 |
| 11 | $572.11 | $436.70 | $135.42 | $1,616.93 | $24,563.68 |
| 12 | $572.11 | $439.06 | $133.05 | $1,749.99 | $24,124.62 |
Yearly Summary
| Year | Principal Paid | Interest Paid | Ending Balance |
|---|---|---|---|
| Year 1 | $5,115.38 | $1,749.99 | $24,124.62 |
| Year 2 | $5,457.97 | $1,407.40 | $18,666.65 |
| Year 3 | $5,823.50 | $1,041.87 | $12,843.15 |
| Year 4 | $6,213.51 | $651.86 | $6,629.64 |
| Year 5 | $6,629.64 | $235.73 | $0.00 |
How to Use Auto Loan Calculator
- 1Enter the vehicle price and any down payment or trade-in value.
- 2Set the loan term and interest rate (APR).
- 3View monthly payment, total interest, and total cost.
- 4Compare different loan terms side by side.
Frequently Asked Questions
How is my monthly car payment calculated?▾
Using 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, and n is the number of months.
What is a good interest rate for a car loan?▾
For new cars, rates typically range from 4-7% for good credit. Used cars are usually 1-2% higher. Rates depend on your credit score, loan term, and lender.
Should I choose a longer or shorter loan term?▾
Shorter terms (36-48 months) have higher payments but save significantly on interest. Longer terms (60-84 months) are more affordable monthly but cost more overall.
About Auto Loan Calculator
Free auto loan calculator to estimate monthly car payments. Enter vehicle price, down payment, trade-in value, sales tax, loan term, and interest rate. Compare different loan terms side by side. View full amortization schedule showing principal vs interest breakdown.
NexTool's Auto Loan Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.
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