Auto Loan Calculator

Estimate the monthly payment of a new vehicle or the maximum vehicle price for a specified monthly loan payment.

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Loan Summary:

Monthly Payment:
$400.07
Loan Amount:
$21,200.00
Total Interest:
$2,804.21
Total Payments:
$24,004.21
Payoff Date:
Jun 2029

Amortization Schedule:

Amortization schedule for a $21,200.00 loan with a 5% interest rate and a 60-month term.
DatePaymentPrincipalInterestRemaining Balance
Jun 2024$400.07$311.74$88.33$20,888.26
Jul 2024$400.07$313.04$87.03$20,575.22
Aug 2024$400.07$314.34$85.73$20,260.88
Sep 2024$400.07$315.65$84.42$19,945.23
Oct 2024$400.07$316.96$83.11$19,628.27
Nov 2024$400.07$318.29$81.78$19,309.98
Dec 2024$400.07$319.61$80.46$18,990.37
Jan 2025$400.07$320.94$79.13$18,669.43
Feb 2025$400.07$322.28$77.79$18,347.15
Mar 2025$400.07$323.62$76.45$18,023.53
Apr 2025$400.07$324.97$75.10$17,698.56
May 2025$400.07$326.33$73.74$17,372.23
Jun 2025$400.07$327.69$72.38$17,044.54
Jul 2025$400.07$329.05$71.02$16,715.49
Aug 2025$400.07$330.42$69.65$16,385.07
Sep 2025$400.07$331.80$68.27$16,053.27
Oct 2025$400.07$333.18$66.89$15,720.09
Nov 2025$400.07$334.57$65.50$15,385.52
Dec 2025$400.07$335.96$64.11$15,049.56
Jan 2026$400.07$337.36$62.71$14,712.20
Feb 2026$400.07$338.77$61.30$14,373.43
Mar 2026$400.07$340.18$59.89$14,033.25
Apr 2026$400.07$341.60$58.47$13,691.65
May 2026$400.07$343.02$57.05$13,348.63
Jun 2026$400.07$344.45$55.62$13,004.18
Jul 2026$400.07$345.89$54.18$12,658.29
Aug 2026$400.07$347.33$52.74$12,310.96
Sep 2026$400.07$348.77$51.30$11,962.19
Oct 2026$400.07$350.23$49.84$11,611.96
Nov 2026$400.07$351.69$48.38$11,260.27
Dec 2026$400.07$353.15$46.92$10,907.12
Jan 2027$400.07$354.62$45.45$10,552.50
Feb 2027$400.07$356.10$43.97$10,196.40
Mar 2027$400.07$357.58$42.49$9,838.82
Apr 2027$400.07$359.07$41.00$9,479.75
May 2027$400.07$360.57$39.50$9,119.18
Jun 2027$400.07$362.07$38.00$8,757.11
Jul 2027$400.07$363.58$36.49$8,393.53
Aug 2027$400.07$365.10$34.97$8,028.43
Sep 2027$400.07$366.62$33.45$7,661.81
Oct 2027$400.07$368.15$31.92$7,293.66
Nov 2027$400.07$369.68$30.39$6,923.98
Dec 2027$400.07$371.22$28.85$6,552.76
Jan 2028$400.07$372.77$27.30$6,179.99
Feb 2028$400.07$374.32$25.75$5,805.67
Mar 2028$400.07$375.88$24.19$5,429.79
Apr 2028$400.07$377.45$22.62$5,052.34
May 2028$400.07$379.02$21.05$4,673.32
Jun 2028$400.07$380.60$19.47$4,292.72
Jul 2028$400.07$382.18$17.89$3,910.54
Aug 2028$400.07$383.78$16.29$3,526.76
Sep 2028$400.07$385.38$14.69$3,141.38
Oct 2028$400.07$386.98$13.09$2,754.40
Nov 2028$400.07$388.59$11.48$2,365.81
Dec 2028$400.07$390.21$9.86$1,975.60
Jan 2029$400.07$391.84$8.23$1,583.76
Feb 2029$400.07$393.47$6.60$1,190.29
Mar 2029$400.07$395.11$4.96$795.18
Apr 2029$400.07$396.76$3.31$398.42
May 2029$400.08$398.42$1.66$0.00
This calculation is based on widely-accepted formulas for educational purposes only - this is not a recommendation for how to handle your finances, and it is not an offer to lend. Consult with a financial professional before making financial decisions.
Learn how we calculated this below

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How to Use the Auto Loan Calculator

While the loan calculator won’t be perfect since every lender has slight differences in their financing, it should give you a close estimate of what you can expect for a monthly payment when shopping for a new or used vehicle.

You can compare payments for various loan terms and interest rates, which will inform you of your max vehicle price. You can also use it to compare a loan payment vs. leasing.

Here’s some more detail on what the fields in the form above mean.

Vehicle price –the price of the vehicle after negotiations, add-ons, and accessories.

Warranty price –the price of an extended warranty if you choose to purchase one.

Sales tax –the sales tax rate in your area, if any.

Trade-in value –the value of your current vehicle if trading in.

Down payment –the amount of cash you expect to put down at the time of purchase.

Interest rate –the annual interest rate of the loan. This will vary based on the market rates and your credit rating.

Loan term –the number of monthly payments you’ll make on the loan.

How to Calculate an Auto Loan Payment

You can calculate a car loan payment using the loan payment formula. The loan payment formula is:

PMT = \frac{r \times P}{1 − \left (1 + r \right )^{-n}}

Where:
PMT = payment
P = loan amount
r = periodic interest rate
n = number of payments

You might also be interested in our motorcycle loan calculator or boat loan calculator to calculate the payments for other types of vehicles.

The Benefits of Auto Loans

  • Auto loans make buying a vehicle more affordable
  • Auto loans let you conserve your savings
  • Auto loans help you build your credit rating
  • Auto loans help you afford a better vehicle
  • You own the vehicle when the loan is paid off
  • You may get a better deal on a vehicle when you have an auto loan

The Drawbacks of Auto Loans

  • Monthly payments can get very expensive
  • Monthly payments can last a very long time
  • You can end up upside-down if you trade after a few years
  • You could damage your credit if you can’t make the payments

Frequently Asked Questions

Does it make sense to pay cash instead of getting an auto loan?

If you have enough cash and don’t mind spending a lump sum on a depreciating asset like a vehicle, then go for it! You won’t have to worry about making payments, and you will immediately own the vehicle free and clear.

What is the benefit of making a large down payment when getting an auto loan?

A large down payment provides you with several benefits. It not only reduces your monthly payments, but it also shows the lender that you have skin in the game and are serious about paying the loan as agreed.

How much should you pay for an auto loan?

Be careful not to spend more than you can afford to repay! Your ability to make your monthly payments is something that auto loan lenders are extremely concerned about. Lenders would much prefer to have you make all of your payments on time and eventually pay off your loan instead of you missing payments, defaulting on your loan, and having the vehicle repossessed.

This will help you to improve the state of your credit, getting you a good deal the next time you need to borrow money. A good rule of thumb is to spend a maximum of 10%-15% of your take-home pay for the month on your car payment.

What other costs should you consider when getting an auto loan?

Your monthly car payment is only the first and largest part of your auto-related costs. You will also need to purchase insurance coverage, fuel, required maintenance, any necessary repairs, replace worn tires over time, and so on.

Make sure that your budget has room to cover all of these additional expenses – before you commit to purchasing a vehicle with an auto loan.