Car Loan Calculator
Enter your car loan amount, annual interest rate and loan term to calculate your monthly payment.
%
months
How It Works
Car loans are typically fixed-rate, fixed-term amortizing loans, so the same monthly-payment formula applies as for any other installment loan.
Formula
Monthly Payment = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the loan term in months.
Example
A 25,000 car loan at 7% over 60 months has a monthly payment of roughly 495.
Frequently Asked Questions
- Should I include my down payment in the loan amount?
- No — enter only the amount you're financing (the car's price minus your down payment and any trade-in value).
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