Calculator
Auto Loan Amortization Calculator
This tool lays out a car loan year by year, showing how each year's payments divide into interest and principal. It also gives the fixed monthly payment and the total interest over the term.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: AutoLoanable may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
An amortization schedule shows, for every month, how much of the payment is interest, how much reduces the principal, and the balance that remains.
Payment = P × i ÷ (1 − (1 + i)^-n), and each month interest = balance × i, principal = payment − interest
- P — the amount financed
- i — the monthly rate, the annual rate divided by 1,200
- n — the number of monthly payments
The yearly rows add the twelve monthly figures together. Early years are interest-heavy because the balance is largest. The final payment is adjusted so the balance ends at zero. Enter the rate you were offered.
What changes your result
Only a few inputs move the number materially. In rough order of impact:
| Input | Effect on the payment | Effect on total cost |
|---|---|---|
| Amount financed | Directly proportional | Directly proportional |
| Interest rate / APR | Directly proportional | Directly proportional |
| Term (months) | Lower payment when longer | Higher total interest when longer |
| Down payment | Lowers the payment | Lowers total interest |
| Trade-in equity | Lowers the amount financed | Lowers total interest |
| Sales tax and fees | Raises the amount financed | Raises total cost |
Enter the rate you were actually offered. This site is not a lender and does not publish rates — a quoted rate is only meaningful next to the term and the amount financed.