Car Loan Calculator
Calculate your monthly car 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?
Follow these steps to calculate your car loan payments:
- Enter Loan Amount ($) – Type the total amount you plan to borrow (e.g., 25000).
- Enter Annual Interest Rate (%) – Input the yearly interest rate (e.g., 5.5).
- Enter Loan Term (months) – Specify the repayment period in months (e.g., 60 for 5 years).
- Click "Calculate" – The calculator will display:
- Monthly Payment – Your fixed monthly installment.
- Total Interest – The total interest paid over the loan term.
- Total Cost – The sum of the loan amount plus total interest.
Note: All values must be positive numbers. The interest rate is annual; the calculator converts it to a monthly rate automatically. If the rate is 0%, the monthly payment is simply the loan amount divided by the term.
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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 converted to decimal), and n is the number of monthly payments.
You need the loan amount (the total amount you plan to borrow), the annual interest rate (as a percentage), and the loan term in months (e.g., 60 months for a 5-year loan).
Yes, this calculator works for any fixed-rate amortizing loan, such as personal loans or mortgages, as long as the payment frequency is monthly.
