Calculate your monthly auto loan payment, total interest, and view a full amortization schedule
5 min read · By Michael Lip
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Car Loan Details
Payment Results
Loan Term Comparison
See how different terms affect your monthly payment and total interest at your current APR.
Term
Monthly Payment
Total Interest
Total Cost
Loan Balance Over Time
Amortization Schedule
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Payment
Principal
Interest
Balance
Affordability Check
Financial experts recommend keeping your total car payment below 15% of your monthly gross income.
Frequently Asked Questions
How is a car loan monthly payment calculated?
The monthly payment uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan principal (vehicle price minus down payment and trade-in, plus sales tax), r is the monthly interest rate (APR / 12), and n is the total number of monthly payments. This formula ensures each payment covers both principal and interest.
What is a good APR for a car loan in 2026?
In 2026, competitive APR rates for new cars range from about 4.5% to 7% for excellent credit (750+ score). Used car loans are typically 1-2% higher. Factors affecting your rate include credit score, loan term, down payment amount, and whether the vehicle is new or used. Always get pre-approved from multiple lenders to compare rates.
Should I choose a longer or shorter car loan term?
Shorter terms (36-48 months) have higher monthly payments but save significantly on total interest. Longer terms (72-84 months) lower your monthly payment but increase total interest and risk negative equity. Most financial advisors suggest keeping auto loans at 60 months or less. Use the term comparison table above to see the exact cost difference.
How much should I put down on a car?
A down payment of 20% for new cars and 10% for used cars is a strong starting point. A larger down payment reduces your monthly payment, total interest, and the risk of being upside-down on the loan. Some lenders may offer better rates with larger down payments.
The Car Loan Calculator is a free browser-based utility designed to save you time and simplify everyday tasks. Whether you are a professional, student, or hobbyist, this tool provides accurate results instantly without the need for downloads, installations, or account sign-ups.
Built by Michael Lip, this tool runs 100% client-side in your browser. No data is ever sent to any server, and nothing is stored or tracked. Your privacy is fully preserved every time you use it.
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Last verified working: March 20, 2026 by Michael Lip