Use this simple auto loan calculator to help you quickly estimate how much your monthly car payments will be.
Simple Auto Loan Calculator
Quickly estimate monthly payments and view the loan amortization schedule.
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What is a Simple Auto Loan Calculator
A simple auto loan calculator is a tool that helps you quickly estimate how much your monthly car payments will be. It uses the price of the vehicle, the loan amount, interest rate, loan term, and down payment to calculate payments and total interest.
Unlike a full-featured auto calculator, this version focuses on the basics: it shows your monthly payment, the total interest you’ll pay over the life of the loan, and the remaining balance each month in an amortization table. It is best for anyone looking for a quick snapshot of their car loan costs without getting overwhelmed by extra options.
How This Simple Auto Loan Calculator Works
The simple auto loan calculator works by taking your inputs—vehicle price, down payment, interest rate, and loan term- and applying standard loan math to compute your monthly payment.
It calculates the principal amount by subtracting your down payment from the vehicle price. If there is interest, the tool applies a monthly interest formula to determine how much of each payment goes toward interest versus reducing the principal balance. All of this is automatically shown in a chart and a detailed amortization table.
Each row of the amortization table represents a month of your loan. It shows the payment amount, how much goes toward interest, how much goes toward the principal, and the remaining balance.
The chart above the table visually shows the loan balance over time, giving you an easy way to see how quickly your payments reduce your debt. The download button allows you to save the table as a CSV file, making it easy to review or share your amortization schedule with someone else.
Explanation of Terms
Vehicle Price
The vehicle price is the full cost of the car before any down payment or trade-in. Enter the price of the car you plan to buy. This is the starting point for your loan calculations. The higher the price, the higher your monthly payments will be, all other factors being equal. You can adjust this amount to see how different car prices affect your monthly payment.
Down Payment
The down payment is the amount of money you pay upfront toward the vehicle. A higher down payment reduces the amount you need to borrow, which in turn reduces your monthly payment and total interest paid over the life of the loan.
Enter the amount you plan to pay at the time of purchase. Even a small increase in your down payment can make a noticeable difference in your monthly cost.
Interest Rate (APR)
The interest rate is the annual percentage rate (APR) your lender charges on the loan. A higher interest rate increases the cost of borrowing and results in higher monthly payments and more interest paid over time.
Enter the rate provided by your lender. You can also compare different rates to see how it affects your loan. Lowering the interest rate can save hundreds or even thousands of dollars over the life of the loan.
Loan Term (Months)
The loan term is the number of months over which you will repay the loan. Shorter loan terms result in higher monthly payments but less total interest.
Longer loan terms reduce the monthly payment but increase total interest paid. Enter the number of months you plan to take to pay off your loan. This helps you understand the trade-off between affordable payments and overall cost.
Monthly Payment
The monthly payment is calculated based on the loan amount, interest rate, and loan term. It shows the amount you must pay each month to pay off the loan in full by the end of the term. The payment includes both principal and interest. The calculator updates this value automatically when you adjust any of the inputs.
Total Interest Paid
This shows how much interest you will pay over the life of the loan. It helps you understand the total cost of borrowing.
Lowering the interest rate, increasing your down payment, or shortening the loan term can reduce this amount. This is especially useful if you want to minimize how much extra you pay beyond the car’s actual price.
Amortization Table
The amortization table breaks down each monthly payment into the amount going toward principal and interest. It also shows the remaining balance after each payment.
The table allows you to see how quickly your loan balance decreases over time. The chart above the table gives a visual overview of this progression. You can also download the table as a CSV to save or analyze later.
Bottom Line
This simple auto loan calculator provides a clear and fast way to estimate monthly payments and total interest. Showing the amortization schedule and loan balance chart, it helps you plan your car purchase and understand how payments affect your debt. Adjust the vehicle price, down payment, interest rate, or loan term to explore different scenarios and find a loan setup that works best for your budget.