Auto Loan Calculator
Estimate your auto loan's monthly payment and total interest. Enter the amount financed, interest rate, and term in months.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $5,138 | $2,076 | $24,862 |
| 2 | $5,537 | $1,677 | $19,325 |
| 3 | $5,967 | $1,247 | $13,359 |
| 4 | $6,430 | $784 | $6,929 |
| 5 | $6,929 | $285 | $0 |
Assumes a fixed rate and equal monthly payments. Excludes fees unless included in the rate.
How to use this calculator
Enter the amount financed (vehicle price plus tax, minus down payment and trade-in), the interest rate, and the term in months. You'll see the monthly payment, total interest, and a year-by-year breakdown. To build the financed amount from a sticker price, use our car payment calculator.
How auto loans work
Auto loans are fixed-rate and amortizing. Your rate depends on credit score, loan term, and whether the car is new or used. Shorter terms and bigger down payments cut the total interest you pay.
Worked example
A $30,000 auto loan at 7.5% over 60 months runs about $601/month with roughly $6,000 in total interest.
Frequently asked questions
How is an auto loan payment calculated?
It's a fixed-rate amortizing loan: enter the financed amount, the APR, and the term, and each equal monthly payment covers interest plus principal until the loan is paid off.
What's a typical auto loan term?
Common terms are 36, 48, 60, and 72 months. Longer terms lower the payment but increase total interest and the time you owe more than the car is worth.
Should I make a down payment?
A larger down payment reduces the amount financed, lowering both your payment and total interest, and reduces the risk of being 'underwater' on the loan.
How do I lower my auto loan cost?
Get the lowest rate you qualify for, choose the shortest term you can afford, and put more down. Even a 1% lower rate saves real money over the loan.