Car Loan Repayment 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?
How to Use the Car Loan Repayment Calculator
- Enter Loan Amount – Input the total amount you plan to borrow (e.g., 25000 for $25,000). Use numbers only, no commas or symbols.
- Enter Annual Interest Rate – Type the yearly interest rate as a percentage (e.g., 5.5 for 5.5%). Decimals are allowed.
- Enter Loan Term – Specify the loan duration in months (e.g., 60 for 5 years). Must be a whole number greater than 0.
- Click "Calculate" – The button will process your inputs and display results below.
Results Explained:
- Monthly Payment – Your fixed payment each month.
- Total Interest – The extra cost you pay in interest over the loan term.
- Total Cost – The sum of the loan amount plus total interest.
Tip: All inputs are required and must be positive numbers. The calculator uses the standard amortization formula for equal monthly payments.
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.
You need the loan amount (total financed), the annual interest rate (as a percentage), and the loan term in months.
Yes, this calculator works for any fixed-rate installment loan, such as personal loans or mortgages, as long as the payments are monthly and the interest rate is fixed.
