Car Loan Calculator with Payment and Interest

Car Loan Payment Calculator

Loan Amount ($) Annual Interest Rate (%) Loan Term (years) Monthly Payment ($) Total Interest Paid ($) Total Loan Cost ($)

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

Example Calculation

Loan Amount: $20,000
Annual Interest Rate: 5%
Term: 5 years
Monthly Payment: $377.42
Total Interest Paid: $2,645.29
Total Loan Cost: $22,645.29

Why It Matters

Understanding your loan payments and total cost is essential when planning your budget and determining how much car you can afford.

Smart Strategy

Consider a shorter term to save on interest, or find a loan with a lower rate to lower your monthly payments.

FAQs

What is a good car loan rate? A good rate depends on your credit, but generally, rates between 3-5% are considered competitive.

Should I get a loan with a longer term? A longer term reduces monthly payments, but increases the total interest you’ll pay over time.

Car Loan Calculator Payment with Interest