Car Payment Calculator
Calculate your monthly car payment, total loan cost, and interest payments. Compare different loan terms and down payments to find the best auto financing option.
Step 1: Loan Details
Understanding Car Payments
Your monthly payment is calculated based on the loan amount, interest rate, and loan term. A larger down payment and shorter loan term typically result in lower total interest paid.
Step 2: Additional Details
About Interest Rates
Interest rates vary based on credit score, loan term, and market conditions. Better credit scores typically qualify for lower interest rates, reducing your overall loan cost.
Car Payment Calculation Results
Estimated Monthly Car Payment
Loan Term Comparison
| Loan Term | Monthly Payment | Total Interest | Total Cost | Interest Savings |
|---|
Payment Breakdown
Car Payment Calculation Formula
Monthly Payment = [P × (r(1+r)^n)] / [(1+r)^n – 1]
Where: P = Principal loan amount, r = Monthly interest rate (annual rate ÷ 12), n = Total number of payments (loan term in months). This formula calculates the fixed monthly payment for an amortizing loan.
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