The car loan refinancing calculator is useful in estimating monthly payments. Check the value of your payment with the reverse loan calculator. Our auto loan calculator can help you figure out how much you can afford to spend or what your monthly car loan payment will be. You can change the loan term and interest rate to see how they affect your monthly payment and total interest. Based on the price, trade-in, and down payment information you provide, the car loan refinancing calculator calculates a monthly payment. Based on the payment amount you provide, the reverse auto loan calculator gives you an estimate of what the vehicle will cost.
How do you calculate car payments?
Use our car loan refinancing calculator to estimate how much interest you will pay. Using the loan calculator can assist you in finding a loan that fits your monthly budget and the interest rate you’re willing to pay.
Using the loan term (the number of months you have to pay back the loan), divide the total loan and interest rate by your monthly payment. If a 4% interest exists on a $30,000 loan over 60 months, the total interest would be $3,150. This would result in $552.50 for your monthly payment ($30,000 + $3,150 * 60).
Repaying a loan in full takes longer than it should, which means you’ll pay more interest overall-and likely at a higher interest rate. When possible, make a down payment, and choose a loan term that allows you to make payments you can afford each month. Be aware that a car comes with expenses in addition to additional costs beyond the loan. You should have enough money left over to cover the cost of insurance, gas, parking, maintenance, and the like.
There’s more to auto loan calculators than just payments
As you consider monthly car payments, make sure you also look at the total amount of the loan. Calculating the interest on a loan can be tricky because a lower payment may appear attractive, but it will result in a much higher interest rate and total cost.
Several additional costs may be incurred because the “total cost of car” does not reflect on the auto loan payment calculator. The calculator ignores state and local taxes, dealer documentation fees (which can vary widely), and registration fees. Ask your local dealership about these costs by searching online or calling them.