Car loan payment calculator
Enter the loan amount, the rate and the term to see the monthly payment, the total interest, and how the payment compares with your income.
Your loan edit any number
Start from the car's price
When a car price is entered, the loan amount above is worked out from it.
Your income
How car loan payments work
Each payment covers the interest that built up that month plus part of the amount borrowed. Early payments are mostly interest. Over a longer term the monthly payment is lower, but you pay interest for longer, so the total cost is higher.
Frequently asked questions
How is a car loan payment calculated?
The payment is level each month and is set so the loan reaches zero after the last payment. It depends on the amount borrowed, the interest rate (APR) and the number of months.
What lowers a car loan payment?
A smaller loan (larger down payment or trade-in), a lower interest rate, or a longer term. A longer term lowers the monthly payment but increases the total interest you pay.
How much car can I afford?
A common rule of thumb is to keep the loan payment around 10% of your gross monthly pay or less. It is a guideline, not a rule, and your other costs matter.
Estimates only. Your actual rate and fees depend on your lender and credit. Not financial advice.