Input parameters
- Loan Amount
- The principal amount borrowed before interest and fees.
- Loan Term
- The length of time allowed to repay the loan.
- Interest Rate
- The annual percentage rate used in the calculation.
Car Loan Calculator
Calculate the fixed monthly payment, total of payments, and total interest for a vehicle loan from the financed amount, term, and annual rate. Use it when taxes, trade-in value, and purchase fees have already been included in the loan amount.
There was an error with your calculation.
| Result | |
|---|---|
| Monthly Payment | $719.30 |
| Total Paid on Loan | $25,894.80 |
| Total Paid in Interest | $1,894.80 |
Understanding the Car Loan Calculator
Review the inputs, outputs, calculation method, and formulas used by this tool.
Understanding the results
- Monthly payment
- Estimated fixed vehicle-loan payment.
- Total payments
- Sum of all scheduled payments.
- Total interest
- Financing cost above principal.
Calculation principle
The entered vehicle-loan principal is amortized with equal monthly payments over the selected term.
- Read and validate the entered values.
- Convert percentages and time periods into compatible units.
- Apply the formulas below and present the calculated results.
Formulas
Monthly payment
M = P × r(1 + r)^n / ((1 + r)^n − 1)
Total interest
Interest = M × n − P
Symbols refer to the corresponding input and result labels shown above.
How to use this calculator
Enter your figures, choose any available options, and select Calculate. You can change the inputs as often as you like to compare scenarios.
Planning note
Results are estimates for education and planning. Taxes, lender rules, fees, and investment returns can vary, so verify important decisions with a qualified professional.