You can use this calculator to calculate how much your car payments will be for a car loan.
*** For 1-3, you may leave one space blank, and it will auto-fill.***
1. Enter the purchase price of the car.
2. Enter the amount of the down payment and value of any trade-in.
3. Enter the amount of the loan.
4. Enter the length of the loan in months (4 years = 48 months, 5 years = 60 months, 6 years = 72 months).
5. Enter the interest rate on the loan.
6. Select the payment method. It will likely be ‘End-of-Period’.
7. Click the ‘Calc’ button.
The calculator will then display the monthly payment amount, the down payment as a percentage of the car purchase price, the total interest paid over the duration of the loan, and the total paid during the loan (principal & interest).
The ‘Payment Schedule’ button will show you how your payments will break down during the course of the loan.