Auto Loan Payment Calculator: Monthly Payment & Interest

 

Estimate a fixed monthly car loan payment from the amount financed, nominal annual interest rate, and repayment term in months. See total interest and total repayment under a standard monthly amortization model.

Calculate an estimated monthly car payment

Enter the actual loan amount, not automatically the vehicle price. Account for any down payment, trade-in settlement, financed taxes, and fees according to the offer. All amounts are in US dollars.

This calculator needs JavaScript. If this message stays visible, the calculator has not loaded.

Amount financed (USD)Nominal annual interest rate (%)Loan term (months)

This model assumes a fixed rate, equal monthly periods, the first payment at the end of month one, and full repayment without a balloon balance. It does not calculate taxes or fees automatically.

Your entries are calculated in this browser. This tool does not save or send them. Google Blogger may separately provide its own platform services and cookies.

For a worked example, read our guide to calculating auto loan payments.

How to calculate an auto loan payment

Payment = P x r / (1 - (1 + r)^(-N)), where P is amount financed, r is the nominal annual rate divided by 12 as a decimal, and N is the number of monthly payments.

For example, financing $25,000 at a 6% nominal annual rate for 60 months gives an estimated payment of $483.32 per month. The monthly rate is 0.06 / 12 = 0.005.

Amount financed is not always the car price

A down payment reduces the amount borrowed. A trade-in may have an outstanding loan that needs settling. Taxes, dealer charges, and other fees may be paid upfront or financed. Use the amount financed from an actual quote when available; local tax and trade-in rules are not calculated here.

Compare the term as well as the monthly payment

A longer term can reduce the monthly payment while increasing total interest under the same amount and rate. Run separate scenarios and compare total repayment, rather than treating the lowest monthly payment as the lowest cost. Insurance, fuel, maintenance, registration, and other ownership costs are outside this loan calculation.

Frequently asked questions

What happens at 0% interest?

The payment equals amount financed divided by term in months. For $24,000 over 60 months at 0%, that is $400 per month with no modeled interest.

Should I enter APR?

The formula uses the nominal annual interest rate charged on principal. APR can include fees and differ from that rate. If only APR is available, entering it may give an approximation that does not match the payment schedule; check the lender's offer.

Does this model daily simple interest?

No. It uses equal monthly periods. Actual days between payments, delayed first payments, accrued interest, and lender rounding can produce different results.

Can it calculate a lease or balloon loan?

No. This is a fully amortizing fixed-rate loan model without a residual or balloon payment.

What input limits apply?

Amount financed must be positive and at most $100 million, with two decimal places. Rate may be 0% to 50%, with four decimal places. Term must be a whole number from 1 to 120 months. These are calculation limits, not lending terms or recommended borrowing amounts.

Already have a car loan and want to compare extra payments? Use our Car Loan Payoff Calculator. To assess monthly housing commitments separately, use the Rent Affordability Calculator.