Car Payment Calculator
Calculate car payment online free — loan vs lease comparison with monthly payment and total cost breakdown. No upload, works offline, fully private.
- Scheduled Monthly Payment$572.49
- Total Interest Over Term$3,479
- Payoff Time with Extra Payment3 yr 8 mo
- Interest Saved with Extra Payment$90
A car payment calculator works out the monthly instalment on a vehicle loan and what the borrowing costs in total. Enter the amount financed, the annual rate, the term, and any extra you plan to pay each month. It returns the payment, the total interest, and how much sooner overpaying clears the balance.
Start from the amount financed
This calculator begins where your loan agreement begins: the balance actually being financed, after any deposit and trade-in have come off and any tax and fees have gone on. That keeps the arithmetic honest, because the figure on the agreement is the figure interest is charged on. If you are still at the showroom stage and working from a sticker price, the auto loan calculator handles sales tax and trade-in equity first and hands you this number.
What the term length really costs
| Term | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| 36 months (3 yrs) | $766.23 | $2,584.10 | $27,584.10 |
| 48 months (4 yrs) | $592.87 | $3,457.94 | $28,457.94 |
| 60 months (5 yrs) | $489.15 | $4,349.22 | $29,349.22 |
| 72 months (6 yrs) | $420.25 | $5,257.87 | $30,257.87 |
| 84 months (7 yrs) | $371.24 | $6,183.82 | $31,183.82 |
Stretching from three years to seven drops the payment by about $395 a month and adds roughly$3,600 to the total. That is the whole trade in one line. The monthly saving is real and sometimes necessary, but it is bought with interest, and on a depreciating asset it is bought at the worst possible time.
Why long terms and cars are an awkward pair
A mortgage stretched over decades is secured against something that usually holds its value. A car does the opposite: the steepest depreciation happens in the first two or three years, while your balance is still high. Combine a small deposit with an 84-month term and you can spend several years owing more than the car is worth. That is uncomfortable in the abstract and expensive in practice — if the vehicle is written off, insurance pays the market value, not your balance, and you owe the difference. It also traps you: you cannot sell without finding cash to close the gap.
How overpaying changes things
Auto loans amortise, so an extra amount goes straight against the principal rather than being held as a credit. On that same $25,000 at 6.5% over 60 months, adding $50 a month clears the loan in 54 months instead of 60 and cuts interest by about $235. Adding $100 clears it in 49 months and saves roughly $480. The effect compounds because each reduction lowers next month's interest, which is why overpaying early is worth considerably more than overpaying near the end.
- Confirm it reduces principal. Some lenders apply extra amounts as advance instalments instead, which does not save interest. Ask explicitly.
- Check for prepayment penalties. Most auto loans allow free overpayment, but not all agreements do.
- Target the highest rate first if you carry other debt, since the saving is proportional to the rate.
Reading a dealer quote critically
The monthly payment is the number dealers negotiate on, because it is the one that feels affordable and hides everything else. A quote can look better while costing more, by lengthening the term, folding in an extended warranty or GAP insurance, or adding documentation fees to the financed balance. Work out the payment yourself from the amount financed, the rate, and the term, then compare it against the quote. If theirs is higher, ask what else is in it. Figures here are estimates for planning rather than lending offers.
Related calculators
For the full purchase picture including tax and trade-in, use theauto loan calculator. To compare leasing against buying, thelease calculator models the other side, andcash back versus low interest settles the classic dealer-incentive question. For any other fixed-rate borrowing, thegeneral loan calculator covers it.
Frequently Asked Questions
Which countries and currencies are supported?
Nine presets: the United States (USD), United Kingdom (GBP), Canada (CAD), India (INR), Australia (AUD), the Eurozone (EUR), New Zealand (NZD), Singapore (SGD), and South Africa (ZAR). Choosing one sets the currency symbol, local number formatting, and realistic starting figures.
How is this different from the auto loan calculator?
The auto loan calculator starts from the sticker price and works through sales tax, trade-in equity, and your cash deposit. This one starts from the amount actually financed, the balance written on your agreement, so it focuses on the payment itself and on how overpaying shortens the term.
What does the calculator report?
Four figures: your scheduled monthly payment, total interest across the full term, the payoff time once your extra monthly payment is applied, and the interest that overpayment saves. Enter the amount financed, the annual rate, the term in years, and any extra amount you intend to pay.
Do extra payments actually help on a car loan?
Yes. Standard auto loans amortise, so every extra amount reduces the principal directly rather than sitting as a credit against future instalments. A smaller balance accrues less interest the following month, which is why a modest overpayment shortens the term more than people expect.
Should I take a 48, 60, 72, or 84-month term?
Shorter terms cost far less overall and often attract a lower rate. Longer terms reduce the monthly figure and increase the lifetime cost, and past 72 months you are likely to owe more than the car is worth for much of the term. The table on this page shows the trade-off.
What does being underwater on a car loan mean?
It means owing more than the vehicle would sell for. Depreciation is steepest in the first two or three years, so a small deposit combined with a long term leaves a gap between the balance and the value. That gap becomes a real problem if the car is written off or you need to sell.
Why does my lender quote a different monthly payment?
Lenders often fold extras into the instalment, such as GAP insurance, an extended warranty, or documentation fees, and some calculate interest on a daily basis that shifts the figure slightly. Treat this as a planning estimate and read the agreement for the binding numbers.
Are my figures private?
Yes. Every calculation runs in your browser as you type, so loan balances, rates, and income-related figures are never transmitted, stored, or logged. Nothing needs an account, and the page keeps working if your connection drops.