Auto Loan Calculator
Calculate your monthly payments, total interest, and amortization schedule
Loan Details
60
5.5%
Loan Summary
Monthly Payment:
$0.00
Total Loan Amount:
$0.00
Total Interest:
$0.00
Total Cost (Principal + Interest):
$0.00
Loan Term:
0 months
Payment Breakdown
Frequently Asked Questions
How is the monthly payment calculated?
Monthly payments are calculated using the loan amount, interest rate, and loan term. The formula accounts for both principal and interest payments over the life of the loan.
What is included in the total loan amount?
The total loan amount includes the vehicle price minus down payment and trade-in value, plus applicable sales tax and fees.
How does the loan term affect my payments?
A longer loan term will reduce your monthly payment but increase the total interest paid over the life of the loan. Shorter terms have higher monthly payments but lower total interest costs.
Should I make a larger down payment?
A larger down payment reduces your loan amount, which can lower monthly payments, reduce total interest paid, and may help you qualify for better interest rates.
What is an amortization schedule?
An amortization schedule is a table that shows how each payment is split between principal and interest over the life of the loan. In the early years, more of each payment goes toward interest.