Finance
Car Loan Payment Calculator
Estimate the monthly payment and total cost of a car loan.
The result shows three figures together: the monthly payment, the total amount paid over the term, and the total interest, so the monthly payment can be compared with the full cost of the loan.
Formula
Monthly payment uses the standard amortising formula on price minus down payment at the monthly rate over the term in months.
How it works
A longer term lowers the monthly payment but raises total interest and can leave you owing more than the car is worth. Fees, taxes, and insurance are not included.
Worked example
For example, a car price of $25,000 with a down payment of $5,000 gives a loan of $20,000. At an annual interest rate of 7% over 60 months, the monthly payment is $396.02, the total paid is $23,761.44, and the total interest is $3,761.44.
FAQs
Should I choose a longer term?
Only if the lower payment is essential — you pay more interest overall.
What about trade-in value?
Count a trade-in as part of your down payment.
Is the rate fixed?
This assumes a fixed rate for the whole term.
Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.
Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.
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