Car Loan Payment Calculator
Calculate your monthly car loan payment and total interest based on loan amount, interest rate, and 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 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 (months): Specify the loan duration in months (e.g., 60 for 5 years).
- Click "Calculate": Press the button to compute your results.
- Monthly Payment: Your fixed payment each month.
- Total Interest Paid: The total interest cost over the loan term.
Results:
Note: All inputs must be positive numbers. Use dollars for the amount, percentage for the rate, and months for the term. The calculator uses the standard amortization formula.
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.
Interest rates vary based on credit score, loan term, and market conditions. As of 2025, rates for new cars range from 3% to 10% for well-qualified buyers.
Yes, this calculator works for any fixed-rate installment loan, such as personal loans or mortgages, as long as the term is in months.
