Calculate monthly car payment, total interest and payoff schedule from price, down payment, APR and term, plus interest saved by extra payments.
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The monthly payment uses the fixed-payment amortization formula: M = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the amount borrowed, r is the monthly rate (APR ÷ 12 ÷ 100) and n is the number of payments. This yields a constant payment that fully amortizes the loan at the end of the term. Early payments are mostly interest; near the end, almost all of it is principal.
The tool uses the standard fixed-payment (equal principal and interest) formula: M = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the amount borrowed, r is the monthly rate (APR ÷ 12 ÷ 100) and n is the number of monthly payments. This gives a constant payment that fully amortizes the loan over the term.
Interest each month is charged on the outstanding balance, which is largest at the start. With a long term and a modest APR, the first month's interest can be a big share of the payment, so most of the principal is paid down near the end. That is why paying extra early saves more interest than paying the same amount later.
APR (annual percentage rate) is the yearly cost of borrowing, including the interest rate and most fees. A higher APR raises every monthly payment and the total interest over the life of the loan; a lower one does the opposite. Term matters too — the same loan at the same APR costs more in total interest over 72 months than over 36.
Any amount above the required payment is applied straight to principal, which shrinks the balance that generates future interest. The tool simulates this month by month: enter an extra monthly amount and it shows the new payoff time and the total interest you save compared with the standard schedule.
No. Every number is computed locally in your browser with JavaScript. The page works fully offline once loaded, and nothing you enter is stored or transmitted.
If you just finished with Car Loan Calculator, the natural next steps are EMI Loan Calculator, Loan Prepayment Calculator, Cross-border Mortgage, or browse every tool in Cross-border Finance.