Auto Loan Calculator
Calculate your monthly payment and total cost for a car loan.
$
%
Monthly payment
$554
Total interest
$5,266
Total cost
$33,266
Principal vs. interest
Yearly amortization
| Year | Principal Paid | Interest Paid | Balance |
|---|---|---|---|
| 1 | $4,847 | $1,806 | $23,153 |
| 2 | $5,197 | $1,456 | $17,956 |
| 3 | $5,573 | $1,080 | $12,383 |
| 4 | $5,976 | $678 | $6,408 |
| 5 | $6,408 | $246 | $0 |
Formula
Payment = [P × r × (1+r)^n] / [(1+r)^n − 1]
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Frequently Asked Questions
Does a shorter loan term save money on a car loan?
Generally yes. Shorter terms mean higher monthly payments but less total interest paid, since the loan balance is paid down faster and accrues interest for less time.