Car Loan Calculator

What is the Free Car Loan Calculator?

The free Car Loan Calculator shows your exact monthly payment, total interest cost, and full loan cost for any vehicle financing scenario. Enter the vehicle price, deposit amount, annual interest rate, and loan term — and the tool also generates a full amortization schedule showing how much of each monthly payment goes to principal vs interest throughout the life of the loan.

• → Calculate the monthly repayment on a car loan before visiting a dealership
• → Compare total interest cost across different loan terms (36 vs 48 vs 60 months)
• → Estimate how much a larger deposit reduces the monthly payment and total interest
• → Check whether a dealer's quoted monthly payment matches the stated interest rate
• → Plan vehicle purchase affordability based on a maximum comfortable monthly payment

How to Use the Free Car Loan Calculator

1. 1 Enter the Vehicle Price — the full purchase price of the car.
2. 2 Enter the Down Payment (deposit) you plan to put down.
3. 3 Enter the Annual Interest Rate (%) from your finance agreement or bank.
4. 4 Select the Loan Term in months (e.g. 36, 48, or 60 months).
5. 5 Read the results: Monthly Payment, Total Interest, and Total Cost. Scroll down to see the full Amortisation Schedule with monthly principal/interest split.

Key Features

• 🚗
  Exact monthly payment

  Uses the standard amortisation formula for accurate monthly instalment calculation.
• 📅
  Full amortisation schedule

  See every monthly payment broken down into principal and interest, with running balance.
• 💸
  Total interest cost

  Instantly see how much extra you pay in interest over the life of the loan.
• 🔄
  Multiple currencies

  Works with $, £, €, or ₦ — select your currency from the dropdown.

Example Usage

Vehicle Price: $28,000 | Down Payment: $5,000
Interest Rate: 6.9% | Term: 60 months

Loan Amount:    $23,000.00
Monthly Payment:   $453.73
Total Interest:  $4,223.56
Total Cost:     $32,223.56

Frequently Asked Questions about the Free Car Loan Calculator

What is the free Car Loan Calculator?

Calculate monthly payments, total interest, and full cost of financing a vehicle.

Is the Car Loan Calculator free to use?

Yes, the Car Loan Calculator is completely free. No account, subscription, or signup is required — ever.

Does my data get uploaded anywhere?

No. The Car Loan Calculator runs entirely in your browser. Your data is never sent to any server.

Does it work offline?

Yes. Once the page has loaded, the tool works without an internet connection.

Which browsers are supported?

All modern browsers — Chrome, Firefox, Safari, and Edge. No plugins or extensions required.

How is the monthly car loan payment calculated?

Monthly payment = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. This is the standard annuity formula and matches what banks and dealerships use.

Does a larger down payment significantly reduce monthly payments?

Yes. A larger deposit reduces the loan principal, which directly reduces both the monthly payment and the total interest paid. For example, on a $25,000 car at 7% over 60 months, a $5,000 deposit gives a monthly payment of ~$396. Increasing the deposit to $8,000 drops it to ~$337 — saving over $3,500 in total interest.

What is an amortisation schedule?

An amortisation schedule is a complete table of every loan payment, showing how much goes towards reducing the principal versus paying interest, and the outstanding balance after each payment. In the early months, most of the payment is interest; over time, more goes to principal. This schedule helps you see exactly when the loan is paid off.

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