Wow, this calculator sure has a lot of options and features.
How do I calculate a monthly payment amount?
Nothing could be easier.
- Click clear and enter values for:
- Amount of Loan
- Number of Payments
- Annual Interest Rate
- Leave Loan Payment Amount set to 0.
- Click either "Calc" or "Payment Schedule."
Note that with any calculator on this site, you may use the "Payment Schedule" button or a "Print Preview" button in lieu of the "Calc" button.
More details below
VERY IMPORTANT - You must enter a 0 if you want a value calculated. A few users have wondered why this is. They want to know why the calculator does not just recalculate the last calculation if they change one of the inputs such as the amount of the loan.
This is because we want the calculator to be able to create a payment schedule using whatever inputs you want to use. This behavior is a feature! By not automatically recalculating a payment, this calculator lets those users that do not have a "typical" auto loan create a payment schedule.
ABOUT DATES - This calculator now allows irregular length first periods. That is, the calculator calculates the exact amount of interest due even when the initial period is shorter or longer than the other scheduled periods. This will result in payment amounts as well as interest charges that do not match other calculators. If you want to match other calculators then set the "Loan Date" and "1st Payment Date" so that the time between them equals one full period as set in "Payment Frequency". Example: If the "Loan Date" is May 15th and the "Payment Frequency" is "Monthly," then the "1st Payment Date" should be set to June 15th, that is IF you want a conventional interest calculation. See the end of the "Help" text for some more details.
Of course, you can always leave the dates set as they are when the calculator loads.
An Auto Loan Calculator with a Difference
In spite of the introduction, the ultimate objective of this calculator is to give the user the ability to understand the estimated total cost of owning a car (or any vehicle). The cost of financing is only part of the story. To get a complete picture, one has to also consider sales tax, insurance, maintenance, periodic registration fees and possibly loan application fees or other loan origination charges. This calculator will account for all these potential costs.
You can use this calculator to answer the following questions:
- What price car can I afford?
- How much will my car payment be?
- What car loan rate do I need?
- How much to put down on a car?
- How many months to finance a car?
- NEW - what is the impact of extra payments?
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.
Car Loan Calculator Help
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.