Auto Loan Payment Calculator
Calculate your monthly auto loan payment, total interest, and total cost based on loan amount, interest rate, and loan term.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Auto Loan Payment Calculator
- Enter Loan Amount ($): Type the total amount you plan to borrow (e.g., 25000). Use positive numbers only.
- Enter Annual Interest Rate (%): Input the yearly interest rate (e.g., 4.5 for 4.5%). Must be between 0 and 100.
- Enter Loan Term (months): Specify the loan duration in months (e.g., 60 for 5 years). Use a positive integer.
- Click "Calculate": Press the button or hit Enter on any input field to compute results.
- Monthly Payment: Your fixed monthly installment.
- Total Interest: The total interest paid over the loan term.
- Total Cost: The sum of the loan amount and total interest.
Outputs Explained:
Note: All inputs must be positive numbers. Interest rate is annual; the calculator converts it to a monthly rate automatically. For 0% interest, the monthly payment is simply the loan amount divided by the term.
Previous Results
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Frequently Asked Questions
The monthly payment is calculated using the formula M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments.
This calculator assumes the loan amount is the total amount financed. Subtract your down payment from the car price to get the loan amount.
Yes, the same formula applies to any fixed-rate amortizing loan, such as a personal or mortgage loan, but it's specifically designed for auto loans.
