Car Loan Calculator Carvana

Car Loan Calculator

Calculate your monthly payments and total interest for your car loan with Carvana. Enter the loan amount, interest rate, and loan term.

Loan Amount ($) Interest Rate (%) Loan Term (Months) Monthly Payment ($) Total Interest ($)

function calculateLoan(){ const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; const loanTerm = parseInt(document.getElementById(“loanTerm”).value); if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || loanTerm el.value = “”); }

This Car Loan Calculator helps you determine your monthly payment and total interest for a loan with Carvana. Simply enter the loan amount, interest rate, and term length to get started.

Loan Payment Formula

Monthly Payment = Loan Amount × (Interest Rate / (1 – (1 + Interest Rate)^-Term))

Example Calculation

Loan Amount: $20,000, Interest Rate: 5.5%, Loan Term: 60 months → Monthly Payment = $380.33, Total Interest = $2,819.80.

Why It Matters

Understanding your monthly payment and the total interest you will pay helps you plan your finances and make informed decisions.

Smart Strategy

Lower interest rates and shorter loan terms typically result in higher monthly payments but less total interest paid over the life of the loan.