Car Loan Calculator – Free Online Tool
Use this free online car loan calculator to estimate your monthly payments and total loan cost.
Loan Details:
Monthly Payment: $0.00
Total Interest Paid: $0.00
Total Loan Cost: $0.00
function calculateLoan() {
const loanAmount = parseFloat(document.getElementById(‘loanAmount’).value);
const interestRate = parseFloat(document.getElementById(‘interestRate’).value) / 100 / 12;
const loanTerm = parseFloat(document.getElementById(‘loanTerm’).value) * 12;
const downPayment = parseFloat(document.getElementById(‘downPayment’).value);
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(downPayment)) {
alert(“Please fill out all fields correctly.”);
return;
}
const principal = loanAmount – downPayment;
const monthlyPayment = (principal * interestRate) / (1 – Math.pow(1 + interestRate, -loanTerm));
const totalInterest = (monthlyPayment * loanTerm) – principal;
const totalCost = principal + totalInterest;
document.getElementById(‘monthlyPayment’).innerText = monthlyPayment.toFixed(2);
document.getElementById(‘totalInterest’).innerText = totalInterest.toFixed(2);
document.getElementById(‘totalCost’).innerText = totalCost.toFixed(2);
}
