Enter the details below to calculate your car loan.
Estimated Monthly Payment:
337.683
Total Interest Paid:
2260.98
Total Amount Paid:
20260.98
Calculate monthly payments by spreading the financed amount over the loan term using the loan's monthly interest rate.
The standard amortization formula is: M = P * r * (1 + r)^n / ((1 + r)^n - 1) where P = principal financed, r = monthly interest rate (annual_rate Γ· 12), and n = number of months.
M = P * r * (1 + r)^n / ((1 + r)^n - 1)
Example values: loan $25,000, down payment $5,000, trade-in $2,000, annual interest 5%, term 60 months.
No. This calculator uses principal, interest, and term only. Include taxes, title, registration, or dealer fees separately when estimating total cost.
Use the annual interest rate you were quoted. If you have an APR that includes fees, using APR gives a more accurate comparison of total borrowing cost.
Making extra principal payments reduces the loan principal and interest and can shorten the loan term. Recalculate after extra payments to see the updated schedule.
Yes. Adjust the interest rate, term, or down payment to compare monthly payments and total cost across scenarios before deciding.
