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Online Auto Loan Calculator
Calculate your monthly auto loan payments easily with our online calculator using standard amortization formulas. Estimate affordability and plan your finances effectively.
Auto Loan
Monthly Payment ($): 447.43
Total Loan Amount ($): 24,000.00
Sales Tax ($): 2,100.00
Upfront Payment ($): 8,400.00
Total Loan Payments ($): 26,845.95
Total Loan Interest ($): 2,845.95
Total Cost (price, interest, tax, fees) ($): 35,245.95
Interest
Principal
| months | BEGINNING BALANCE ($): | INTEREST ($) | PRINCIPAL ($) | ENDING BALANCE ($): |
|---|---|---|---|---|
| 1 | 24,000.00 | 90.00 | 357.43 | 23,642.57 |
| 2 | 23,642.57 | 88.66 | 358.77 | 23,283.79 |
| 3 | 23,283.79 | 87.31 | 360.12 | 22,923.68 |
| 4 | 22,923.68 | 85.96 | 361.47 | 22,562.21 |
| 5 | 22,562.21 | 84.61 | 362.82 | 22,199.38 |
| 6 | 22,199.38 | 83.25 | 364.18 | 21,835.20 |
| 7 | 21,835.20 | 81.88 | 365.55 | 21,469.65 |
| 8 | 21,469.65 | 80.51 | 366.92 | 21,102.73 |
| 9 | 21,102.73 | 79.14 | 368.30 | 20,734.43 |
| 10 | 20,734.43 | 77.75 | 369.68 | 20,364.75 |
| 11 | 20,364.75 | 76.37 | 371.06 | 19,993.69 |
| 12 | 19,993.69 | 74.98 | 372.46 | 19,621.23 |
| #1 | ||||
| 13 | 19,621.23 | 73.58 | 373.85 | 19,247.38 |
| 14 | 19,247.38 | 72.18 | 375.25 | 18,872.12 |
| 15 | 18,872.12 | 70.77 | 376.66 | 18,495.46 |
| 16 | 18,495.46 | 69.36 | 378.07 | 18,117.39 |
| 17 | 18,117.39 | 67.94 | 379.49 | 17,737.89 |
| 18 | 17,737.89 | 66.52 | 380.92 | 17,356.98 |
| 19 | 17,356.98 | 65.09 | 382.34 | 16,974.64 |
| 20 | 16,974.64 | 63.65 | 383.78 | 16,590.86 |
| 21 | 16,590.86 | 62.22 | 385.22 | 16,205.64 |
| 22 | 16,205.64 | 60.77 | 386.66 | 15,818.98 |
| 23 | 15,818.98 | 59.32 | 388.11 | 15,430.87 |
| 24 | 15,430.87 | 57.87 | 389.57 | 15,041.30 |
| #2 | ||||
| 25 | 15,041.30 | 56.40 | 391.03 | 14,650.27 |
| 26 | 14,650.27 | 54.94 | 392.49 | 14,257.78 |
| 27 | 14,257.78 | 53.47 | 393.97 | 13,863.81 |
| 28 | 13,863.81 | 51.99 | 395.44 | 13,468.37 |
| 29 | 13,468.37 | 50.51 | 396.93 | 13,071.45 |
| 30 | 13,071.45 | 49.02 | 398.41 | 12,673.03 |
| 31 | 12,673.03 | 47.52 | 399.91 | 12,273.12 |
| 32 | 12,273.12 | 46.02 | 401.41 | 11,871.71 |
| 33 | 11,871.71 | 44.52 | 402.91 | 11,468.80 |
| 34 | 11,468.80 | 43.01 | 404.42 | 11,064.38 |
| 35 | 11,064.38 | 41.49 | 405.94 | 10,658.43 |
| 36 | 10,658.43 | 39.97 | 407.46 | 10,250.97 |
| #3 | ||||
| 37 | 10,250.97 | 38.44 | 408.99 | 9,841.98 |
| 38 | 9,841.98 | 36.91 | 410.53 | 9,431.45 |
| 39 | 9,431.45 | 35.37 | 412.06 | 9,019.39 |
| 40 | 9,019.39 | 33.82 | 413.61 | 8,605.78 |
| 41 | 8,605.78 | 32.27 | 415.16 | 8,190.62 |
| 42 | 8,190.62 | 30.71 | 416.72 | 7,773.90 |
| 43 | 7,773.90 | 29.15 | 418.28 | 7,355.62 |
| 44 | 7,355.62 | 27.58 | 419.85 | 6,935.77 |
| 45 | 6,935.77 | 26.01 | 421.42 | 6,514.35 |
| 46 | 6,514.35 | 24.43 | 423.00 | 6,091.35 |
| 47 | 6,091.35 | 22.84 | 424.59 | 5,666.76 |
| 48 | 5,666.76 | 21.25 | 426.18 | 5,240.57 |
| #4 | ||||
| 49 | 5,240.57 | 19.65 | 427.78 | 4,812.79 |
| 50 | 4,812.79 | 18.05 | 429.38 | 4,383.41 |
| 51 | 4,383.41 | 16.44 | 430.99 | 3,952.41 |
| 52 | 3,952.41 | 14.82 | 432.61 | 3,519.80 |
| 53 | 3,519.80 | 13.20 | 434.23 | 3,085.57 |
| 54 | 3,085.57 | 11.57 | 435.86 | 2,649.71 |
| 55 | 2,649.71 | 9.94 | 437.50 | 2,212.21 |
| 56 | 2,212.21 | 8.30 | 439.14 | 1,773.08 |
| 57 | 1,773.08 | 6.65 | 440.78 | 1,332.29 |
| 58 | 1,332.29 | 5.00 | 442.44 | 889.86 |
| 59 | 889.86 | 3.34 | 444.10 | 445.76 |
| 60 | 445.76 | 1.67 | 445.76 | 0.00 |
| #5 | ||||
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What Is This Tool?
This online auto loan calculator helps you estimate your monthly vehicle loan payments based on the loan amount, interest rate, and loan term. It uses the standard amortization formula to provide accurate payment estimates.
How to Use This Tool?
- Enter the loan principal by subtracting your down payment and trade-in value from the vehicle price
- Input the annual interest rate, which the tool converts to a monthly rate internally
- Specify the loan term in years, which the calculator converts to total monthly payments
- Click calculate to see your estimated monthly payment amount
- Review the results and adjust inputs as needed to explore different loan scenarios
Key Features
- Calculates monthly payments using the loan principal, interest rate, and loan duration
- Employs a widely accepted amortization formula for precise results
- Easy-to-use interface for quick and convenient calculations
- Browser-based tool requiring no downloads or installations
- Ideal for car buyers, lenders, and financial planners
Examples
- For a $20,000 vehicle loan with an annual interest rate of 6% and a 5-year term, the monthly payment is approximately $386.66
- If you increase the loan term, your monthly payments will decrease but the total interest paid will increase
- A higher interest rate results in larger monthly payments, highlighting the importance of securing a low rate
Common Use Cases
- Car buyers estimating affordable monthly payments before purchasing a vehicle
- Lenders assessing loan terms and monthly payment amounts for financing options
- Financial planners helping clients budget for auto loan commitments
- Comparing different loan offers to find the best financing deal
Tips & Best Practices
- Ensure you enter the loan principal accurately by accounting for down payments and trade-ins
- Use the exact annual interest rate provided by your lender for better precision
- Consider loan term lengths carefully to balance monthly payments and total loan cost
- Double-check your inputs and review results before making financial decisions
Limitations
- Does not include taxes, fees, or insurance costs in the calculation
- Assumes a fixed interest rate throughout the loan term
- Does not account for variable interest rates or special financing promotions
- Results are estimates and should not replace professional financial advice
Frequently Asked Questions
- What does the variable P represent in the formula?
- P stands for the loan principal, which is the vehicle price minus your down payment and trade-in value.
- How is the monthly interest rate calculated?
- The monthly interest rate, r, is the annual interest rate divided by 12.
- Can this calculator include taxes and fees?
- No, the calculator does not account for taxes, fees, insurance, or other additional costs.
- What loan term units does the calculator use?
- The loan term should be entered in years, which is then converted into the total number of monthly payments.
Key Terminology
- Loan Principal (P)
- The initial amount borrowed for the vehicle after deducting down payments and trade-in values.
- Monthly Interest Rate (r)
- The interest rate charged per month, calculated by dividing the annual interest rate by 12.
- Total Number of Payments (n)
- The total count of monthly payments over the loan term, found by multiplying the years by 12.
- Monthly Payment (M)
- The fixed payment amount due each month to repay the auto loan over the term.