How do I use the auto loan calculator?
Nothing could be easier.
- Click clear and enter values for:
- Amount of Loan
- Number of Payments
- Annual Interest Rate
- Optionally set the dates.
- Leave Loan Payment Amount set to 0.
- Click "Calc", or
- "Payment Schedule" for a detailed payment report
Auto Loan Payment Schedule
A car loan schedule will calculate the payment amount and also show you the breakdown between principal and interest and possibly other fees and charges. Note, with nearly all calculators on this site; you may use the "Payment Schedule" button or a "Print Preview" button in place of the "Calc" button. More below
Recent changes and enhancements
- Nov. 2023: Export auto loan schedule's data to Excel/xlsx file. Click on "Print Preview" then "Continue" or "Skip" past the title page.
- Nov. 2023: Save auto loan schedule's data to Word/docx file. Saving to a .docx gives you the opportunity to alter the style of the schedule, to add notes, or incorporate the schedule into a report.
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.
The calculator operates this way so you can 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 custom 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.
Auto Loan Amortization with a Difference
Don't let this page's introduction mislead you.
When designing this auto loan amortization calculator, my objective was to create a calculator that would give you, the user, the ability to estimate the total cost of ownership.
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 as well as possible loan application fees. 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?
- How much will extra payments save in interest?
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.