Car Payment Calculator

It’s important before getting yourself in debt to leverage a Car Payment Calculator that helps you determine your monthly car payment and the time it would take to pay off your debt.

Loan Amount
Loan Term (Months)
Interest Rate (APR)
Monthly Payment

Results

Total Interest Paid
Total Amount Paid
Loan Payoff Date
Loan Amount
Monthly Payment
Months Interest Paid Loan Balance
Month Beginning Balance Payment Principal Interest Ending Balance Cumulative Interest
See how your payments are allocated between interest and principal over time

Tips

Save
by increasing your monthly payment.

Adding extra to your monthly payment would reduce your principal balance faster since more money would be left over after finance charges. Having a lower balance sooner in turn reduces your interest payments, as your interest rate would apply to a smaller amount and compounding would be diminished. In short, you’ll save a lot of money in the long run and get out of debt much sooner – if you can afford to scrimp now. But we know that adding extra to your monthly bills could be a big deal!

Additional Monthly Payment Amount
Loan Comparison Original Monthly Payment New Monthly Payment
Monthly Payment
Number of Payments
Pay Off Date
Interest till Payoff
Original Monthly Payment New Monthly Payment
Monthly Payment
Monthly Payment
Number of Payments
Number of Payments
Pay Off Date
Pay Off Date
Interest till Payoff
Interest till Payoff
Save
on interest if you are willing to make payments every two weeks

Making smaller payments more frequently is a great way to build discipline and improve budgeting efforts. It will also save you money on interest and help you get out of debt sooner. How? By making more than one payment per month, you would reduce your average daily balance – the amount your APR applies to. You would therefore pay less in interest each month. With lower monthly costs, more of your budgeted monthly payment will apply to your principal balance and you’ll be back above water ahead of schedule.

Loan Comparison Original Monthly Payment Every Two Weeks
Monthly Payment
Number of Payments
Pay Off Date
Interest till Payoff
Original Monthly Payment Every Two Weeks
Monthly Payment
Two Weeks Payment
Number of Payments
Number of Payments
Pay Off Date
Pay Off Date
Interest till Payoff
Interest till Payoff
Save
by reducing the loan term to Months

The longer your loan term is, the more you’ll pay in interest. That’s because interest compounds over time, which means a given month’s finance charges are the result of applying your account’s APR to the sum of your principal balance and the interest you were charged the month before (and the month before that, etc.). In order to use this saving strategy, however, one must be able to afford higher monthly payments. You’ll save on interest in the long run; fewer monthly payments simply demand bigger monthly contributions.

Loan Comparison Original Term (- mon) Proposed Term (- mon)
Monthly Payment
Number of Payments
Pay Off Date
Interest till Payoff
Original Term
(- mon)
Proposed Term
(- mon)
Monthly Payment
Monthly Payment
Number of Payments
Number of Payments
Pay Off Date
Pay Off Date
Interest till Payoff
Interest till Payoff
Save
by increasing your down payment

With a higher down payment, you won’t need to borrow as much. As a result, your loan’s interest rate will apply to a smaller amount from the start, with your monthly savings compounding over time. Monthly payments would also be more manageable. The obvious impediment, however, is short-term affordability. Most people put down as much as they think they can afford, and coming up with a few thousand dollars extra is a big ask. But if you comfortably afford to place a higher deposit, without jeopardizing retirement savings or your emergency fund, your wallet will ultimately thank you.

Additional Down Payment Amount
Loan Comparison Original Down Payment New Down Payment
Monthly Payment
Down Payment
Interest till Payoff
Original Down Payment New Down Payment
Monthly Payment
Monthly Payment
Down Payment
Down Payment
Interest till Payoff
Interest till Payoff

Cities with the Most Auto Loan Debt

*Highest Car Loan Debts = 99th Percentile View Full List

Ask the Experts

Buying a car isn’t as straightforward as making everyday purchases. The former involves multiple steps and requires prior research, a reasonable budget and some negotiating skills. But buying isn’t for everyone, either. For guidance on the proper way to purchase or lease a car, we asked a panel of experts for their thoughts on the following key questions:
  • What are the most common mistakes people make when shopping for a car?
  • In what circumstances is leasing a smarter option than buying?
  • Generally, what percentage of take-home pay should go to car payments?
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Community Discussion

While WalletHub’s Car Payment Calculator can be eye-opening, it’s also helpful to leverage the WalletHub community. Our members have a wealth of knowledge to share...show moreshow less

Leverage the expertise of the WalletHub community to make better decisions.

@noranm
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Can a 724 to 771 credit score give you a chance to obtain a 0 percent car loan?

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