Car Loan Calculator App

Car Loan Calculator

Calculate your monthly car loan payment and total cost of the loan.

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

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

This car loan calculator helps you quickly determine your monthly payment and total loan cost based on the loan amount, interest rate, and loan term.

Formula for Loan Calculation

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

Example Calculation

$25,000 loan, 5% interest, 5 years → Monthly Payment = $471.78, Total Loan Cost = $28,306.80

Why It Matters

Choosing the right loan term and interest rate can significantly affect your monthly payments and overall loan cost.

Smart Strategy

Shorter loan terms usually result in higher monthly payments, but lower overall costs due to less interest paid over time.

FAQs

What’s the best loan term? It depends on your financial situation, but shorter terms save money in interest.

Can I change the loan amount? Yes, the calculator will update the monthly payment and total loan cost accordingly.