Auto Calculator
Estimate auto loan payments, total interest, and total cost based on loan amount, interest rate, and term.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Auto Loan Calculator
Follow these steps to calculate your monthly car payment and total loan costs:
- Enter Loan Amount – Type the total amount you plan to borrow (e.g., 25000 for $25,000).
- Enter Annual Interest Rate – Input the yearly interest rate as a percentage (e.g., 5.5 for 5.5%).
- Enter Loan Term – Specify the loan duration in months (e.g., 60 for 5 years).
- Enter Down Payment (optional) – Add any upfront payment you’ll make. Leave blank if none.
- Click “Calculate” – The calculator will show:
- Monthly Payment – Your fixed monthly installment.
- Total Interest – Interest paid over the loan term.
- Total Cost – Total amount paid including down payment.
- Total Principal Paid – The loan amount minus down payment.
- Reset – Use the “Reset” button to clear all fields and results.
Important: All monetary values must be in dollars (e.g., 25000). Interest rate is annual, not monthly. Loan term must be in months (not years). Down payment must be less than the loan amount.
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Frequently Asked Questions
The monthly payment is calculated using the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the principal (loan amount minus down payment), r is the monthly interest rate, and n is the number of months.
Enter the down payment amount; it will be subtracted from the loan amount to calculate the principal. The results reflect the reduced principal.
Yes, the formula applies to any fixed-rate amortizing loan, but this calculator is designed for auto loans.
