This auto loan calculator is unique when compared to financial calculators found elsewhere. It has the ability to solve for two unknowns at a time allowing you to calculate, for example, both the payment amount and the affordable car price. More below...»
You can use this calculator to answer the following questions:
Use this calculator to calculate loan details when the down payment is expressed as an amount. (For a calculator that works with a down payment expressed in percent, then use our mortgage loan calculator.)
Unlike our general loan or simple loan calculators, this calculator will allow you to have more than one unknown value in certain cases.
To indicate an unknown value, enter "0" (zero).
You can enter the car price (or other purchase price), the down payment amount available, total number of periods and the interest rate. When you click on "Calc", the amount of the loan and the monthly payment will be calculated.
If you enter the loan amount and "0" for the down payment amount, then the calculator will calculate how much down payment you need.
If you enter "0" for the price of the car, a down payment amount, "0" for the amount of loan, the total periods, the interest rate and the payment you can afford, the calculator will calculate the amount of the loan and the price you can afford to pay for the car. You can use this calculation to tell you what you can afford to pay and borrow and still stay within your budget.
Mortgage Calculator. It too accepts six inputs, but it asks for a percentage for the down payment rather than an amount.You may also like the
This auto loan calculator is not limited to solving car loan problems of course. It can be a useful tool whenever money is borrowed to purchase an item requiring a down payment.