Auto Payment Calculator
Calculate your monthly auto loan payment 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 Payment Calculator
- 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 in Months – Specify the repayment duration in months (e.g., 60 for 5 years).
- Enter Down Payment (optional) – Add any upfront payment you’ll make (e.g., 5000). Leave blank if none.
- Click "Calculate Payment" – The calculator will show your estimated monthly payment below.
Important Notes:
- All monetary values should be in dollars (no commas).
- Interest rate must be annual (e.g., 5.5, not 0.055).
- Down payment reduces the principal; if it equals or exceeds the loan amount, the calculator will show an error.
- The result uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1].
Previous Results
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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 (annual rate divided by 12 and 100), and n is the number of monthly payments.
You need the loan amount, annual interest rate, loan term in months, and optionally a down payment. All inputs are required except down payment.
Yes, this calculator works for any fixed-rate loan with equal monthly payments, not just auto loans.
