Auto Loan Calculator
Calculate your monthly car loan payment, total interest, and total cost precisely.
Monthly Payment
$471.78
Total Interest
$3,306.85
How Auto Loan Financing & Monthly Payments Work
Auto loans use amortization calculations where every monthly payment is divided between principal reduction and interest charges.
1Monthly Loan Payment Formula
Monthly Payment (M) = P × [ r(1+r)^n ÷ ((1+r)^n - 1) ]
P = Loan Principal (Vehicle Price minus Down Payment)
r = Monthly Interest Rate (Annual Rate ÷ 12)
n = Total Number of Monthly Payments (Loan Term in Years × 12)
Frequently Asked Questions
A larger down payment directly reduces the financed principal amount, lowering both your monthly payment and the total interest accrued over the life of the loan.
Shorter terms (e.g. 48 months) have higher monthly payments but save significant money on overall interest. Longer terms lower monthly costs but increase total borrowing costs.