Auto loan calculator
This free auto loan calculator works out the monthly payment on a loan to buy a car. Enter the loan amount, the annual interest rate and the term in months, and you'll see the monthly payment, total repaid and total interest. It helps you plan the budget before choosing a car.
How it's calculated
The payment uses the annuity formula: amount × monthly rate / (1 − (1 + monthly rate)^−months), where the monthly rate = annual rate / 12. You pay the same amount each month. Total repaid is the payment times the number of months, and total interest is the difference from the loan amount.
Example
For a 15,000 auto loan at 16% over 36 months, the payment is about 527 and total interest ~3,970. Bank fees are not included.
Frequently asked questions
How do I include a down payment?
Subtract the down payment from the car price and enter the remainder as the loan amount.
What unit is the term?
Months. For a 3-year loan enter 36.
How accurate is the result?
It's an estimate; fees and insurance aren't included.
Is the tool free?
Yes — completely free.