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About this tool
Monthly payment, total interest and total cost for a car loan.
The Car Loan Calculator works out the monthly payment on a vehicle loan using the standard amortisation formula — payment = P x r x (1+r)^n / ((1+r)^n - 1), where P is the price minus your down payment, r is the annual rate divided by 12, and n is the term in months. Enter price, down payment, annual interest rate and term in years and you get the monthly instalment plus the amount financed, total interest and total cost including the deposit. It is for buyers comparing offers and anyone checking a dealer's payment quote against the arithmetic.
Open Car Loan Calculator on AltFTool — it loads instantly in your browser.
Enter the vehicle's price in the Car price field (prefilled with 25000). The Result panel recalculates live as you type, so there is no Calculate button
Set Down payment — it is subtracted from the price to give the Loan amount card, so raising it lowers both the monthly figure and Total interest, while the term stays whatever you set in its own field
Enter Interest rate (%/yr) and Loan term (years) to compare scenarios; the headline shows the payment followed by / month, and the cards list Loan amount, Total interest and Total cost, which adds your down payment back on top of the repayments. Copy or Download saves them as car-loan-calculator.txt
Every result breaks out amount financed, total interest and total cost, so the true price of the loan is on screen next to the instalment.
The deposit is subtracted before interest is applied and added back into total cost, which is how the real loan works.
When the rate is zero the calculator divides the balance evenly across the term instead of returning a division error, so promotional finance can be compared directly.
The payment is P x r x (1+r)^n / ((1+r)^n - 1), where P is the amount financed, r is the monthly rate (annual rate / 12 / 100) and n is the number of months. A 20,000 loan at 7% over 5 years means r = 0.005833 and n = 60.
Yes — interest is charged only on the amount financed, so every unit of deposit removes both principal and the interest that principal would have accrued. Increasing the deposit lowers the monthly payment and the total interest at the same time.
A longer term lowers the monthly payment but raises the total interest, because the balance is outstanding for more months. Run the same loan at two terms and compare the total interest row to see the trade-off in your own numbers.
No — the calculation covers principal and interest only. Add taxes, fees and any dealer add-ons into the car price field if they are being financed, and treat the result as informational rather than a finance quote; your lender's disclosure is the binding figure.
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