Auto Loan Calculator
Calculate your monthly car payment, total interest, and full amortization schedule for any auto loan.
Vehicle & Loan Details
Loan Amount
$32,600
Monthly Payment
$637.86
60 monthly payments
Total Interest
$5,671
17.4% of loan
Total Cost
$45,871
including all fees & interest
Loan Term Comparison (same APR: 6.5%)
| Term | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 36 mo (3 yr) | $999.16 | $3,370 | $35,970 |
| 48 mo (4 yr) | $773.11 | $4,509 | $37,109 |
| 60 mo (5 yr) | $637.86 | $5,671 | $38,271 |
| 72 mo (6 yr) | $548.00 | $6,856 | $39,456 |
| 84 mo (7 yr) | $484.09 | $8,064 | $40,664 |
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $637.86 | $461.27 | $176.58 | $32138.73 |
| 2 | $637.86 | $463.77 | $174.08 | $31674.96 |
| 3 | $637.86 | $466.28 | $171.57 | $31208.67 |
| 4 | $637.86 | $468.81 | $169.05 | $30739.86 |
| 5 | $637.86 | $471.35 | $166.51 | $30268.51 |
| 6 | $637.86 | $473.90 | $163.95 | $29794.61 |
| 7 | $637.86 | $476.47 | $161.39 | $29318.14 |
| 8 | $637.86 | $479.05 | $158.81 | $28839.09 |
| 9 | $637.86 | $481.64 | $156.21 | $28357.45 |
| 10 | $637.86 | $484.25 | $153.60 | $27873.19 |
| 11 | $637.86 | $486.88 | $150.98 | $27386.32 |
| 12 | $637.86 | $489.51 | $148.34 | $26896.80 |
Auto Loan Calculator — Car Payment & Financing Guide
An auto loan calculator helps you understand the true cost of vehicle financing before you sign. The monthly payment formula is M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan principal, r is the monthly interest rate, and n is the number of payments. The loan amount equals the vehicle price plus taxes and fees, minus down payment and trade-in value. A larger down payment reduces your loan principal and total interest paid. Shorter loan terms mean higher monthly payments but significantly less interest overall. The average new car loan rate in 2024 is 6-8% APR for well-qualified buyers. Always compare the total cost of financing across different terms, not just the monthly payment.