Calculate car loan monthly payment and total interest. Free online auto loan calculator with formula, examples, and FAQ for car buyers.
An auto loan is a secured loan used to purchase a vehicle, where the car serves as collateral. The auto loan calculator helps you determine your monthly payment based on the car price, down payment, interest rate, and loan term. Cars depreciate quickly, so it's important to understand the total cost of financing and avoid being "upside down" on your loan.
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]Where P is the loan amount (car price minus down payment), r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of payments (loan term × 12). This standard amortization formula ensures equal monthly payments throughout the loan term.
| Input | Output |
|---|---|
| Car: $35,000, Down: $5,000, Rate: 5.5%, 5 years | Monthly: $569.77, Total Interest: $4,186.26, Loan: $30,000 |
| Car: $25,000, Down: $5,000, Rate: 4.5%, 4 years | Monthly: $456.03, Total Interest: $1,889.60, Loan: $20,000 |
| Car: $50,000, Down: $10,000, Rate: 6%, 6 years | Monthly: $663.29, Total Interest: $7,756.82, Loan: $40,000 |