Car Down Payment Calculator
Calculate your car down payment, monthly payments, and total loan costs. Understand how down payment percentage, loan term, and interest rates affect your auto financing.
Step 1: Vehicle Details
Understanding Down Payments
A larger down payment reduces your loan amount, monthly payments, and total interest paid. Most lenders require at least 10-20% down for new cars and 10-15% for used cars.
Step 2: Loan Details
About Loan Terms
Shorter loan terms (36-48 months) have higher monthly payments but less total interest. Longer terms (72-84 months) lower monthly payments but increase total interest paid significantly.
Down Payment Results
Monthly Payment
Payment Comparison Table
| Down Payment % | Down Payment Amount | Monthly Payment | Total Interest | Total Cost |
|---|
Loan Cost Breakdown
Loan Payment Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
Where P = Loan Principal, r = Monthly Interest Rate (APR/12), n = Number of Payments. This formula calculates the fixed monthly payment required to fully repay a loan over its term.
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