How do I use the auto loan calculator? Show
Nothing could be easier.
Auto Amortization ScheduleA car amortization schedule will calculate the payment amount and also show you the breakdown between principal and interest and possibly other fees and charges. Note, with nearly all calculators on this site; you may use the "Payment Schedule" button or a "Print Preview" button in place of the "Calc" button. More below Enter "0" (zero) for any unknown values above. Enter a "0" (zero) for one unknown value above. Price with Taxes, Fees, Registration: Total Principal & Interest: Annual Percentage Rate (APR)?:
Annual Registration Fee?: Insurance Payment Frequency?: Long Period Interest Options?: Short Period Interest Options?: Calc. & Include APR on Schedule?:
Extra Payment Frequency?: Number of Extra Pmts? (#): For "#", type a "U" for "Unknown" to pay until loan is paid off. Original Size New! Drag & drop your saved files here to load... File save and open are new beta test features. If you happen to get a different calculated result, do not assume that this calculator is making an error. Most likely, the problem is with the new file load feature. Please check that all settings got loaded as expected. VERY IMPORTANT - You must enter a 0 if you want a value calculated. A few users have wondered why this is. They want to know why the calculator does not just recalculate the last calculation if they change one of the inputs such as the amount of the loan. The calculator operates this way so you can create a payment schedule using whatever inputs you want to use. This behavior is a feature! By not automatically recalculating a payment, this calculator lets those users that do not have a "typical" auto loan create an amortization schedule. ABOUT DATES - This calculator now allows irregular length first periods. That is, the calculator calculates the exact amount of interest due even when the initial period is shorter or longer than the other scheduled periods. This will result in payment amounts as well as interest charges that do not match other calculators. If you want to match other calculators, then set the "Loan Date" and "1st Payment Date" so that the time between them equals one full period as set in "Payment Frequency." Example: If the "Loan Date" is May 15th and the "Payment Frequency" is "Monthly," then the "1st Payment Date" should be set to June 15th, that is IF you want a conventional interest calculation. See the end of the "Help" text for some more details. Of course, you can always leave the dates set as they are when the calculator loads.
Auto Loan Amortization with a DifferenceDon't let this page's introduction mislead you. When designing this auto loan amortization calculator, my objective was to create a calculator that would give you, the user, the ability to estimate the total cost of ownership. The cost of financing is only part of the story. To get a complete picture, one has to also consider sales tax, insurance, maintenance, periodic registration fees as well as possible loan application fees. This calculator will account for all these potential costs.  You can use this calculator to answer the following questions:
Use our free Auto Loan Calculator to estimate the overall cost of purchasing a car, including the sales price, sales tax, and the many charges and fees that creep up on you when you finally decide to make the purchase. The worksheet calculates the total Loan Amount, taking into account your down payment, trade-in, or cash rebate. You can then use the Auto Loan Payment Calculator (another worksheet within the Excel workbook) to create an amortization schedule and analyze different types of loans by changing the loan amount, interest rate, term of the loan (years), and the payment frequency. Advertisement Our Auto Loan Calculator gives you complete flexibility in how you make additional payments, in case you want to pay off your loan early and avoid paying so much interest. IMPORTANT: Many auto loans are actually "Simple Interest Loans" that accrue interest daily. Our Auto Loan Calculator is great for running quick calculations, but if your loan is actually a simple interest loan, then you may get more accurate numbers by using our Simple Interest Loan Calculator. Download⤓ Excel For: Excel 2007 or later & Excel for iPad/iPhone ⤓ Google Sheets License: Personal Use (not for distribution or resale) "No installation, no macros - just a simple spreadsheet" - by DescriptionThis Microsoft Excel workbook contains three different worksheets ... 1. Use the Auto Loan Calculator worksheet to calculate the amount you will need to finance, based on the sales price of the car, destination charge, fees, sales tax, down payment, cash rebate, and trade-in value of an older auto. 2. Use the Payment Calculator worksheet (the featured image above) to create an amortization table based on the auto loan amount, annual interest rate, term of the loan, and payment frequency. See how making extra payments can help you pay off your car loan early and reduce the amount of total interest paid. 3. The third worksheet (Loan Comparisons) takes the inputs from the loan payment calculator and creates graphs showing you how different interest rates, number of payments, or the amount of down payment affect the monthly payment and total amount of interest. Using the Auto Loan CalculatorInformation about how to use the loan calculators are contained within the spreadsheet itself, mostly as cell comments. Basically, you just enter values in the white-background cells, and see what happens to the other numbers. In the Payment Calculator, you can also enter values in the yellow cells (the Extra Payments column). The spreadsheet has been left unlocked, to give you complete freedom to modify it as needed for your personal use. However, make sure you know how the equations and formulas work before you try to branch out on your own. We don't provide technical support for creating custom spreadsheets, but if you have some suggestions or comments, please let us know. Buying vs. Leasing CalculatorsOur auto loan calculator spreadsheet does not contain a calculator for comparing leasing vs. buying. However, there are a few online calculators that you could use:
Cash Back vs. Low-Interest FinancingSometimes, the auto manufacturer offers incentives in the form of a cash rebate or lower interest rate, but usually not both at the same time. The auto loan calculators in our spreadsheet let you specify a cash rebate and the annual interest rate. You can save (or print out) two different versions of the spreadsheet in order to make comparisons. Check out the Low APR vs. Cash Back Calculator at Edmunds.com. See Also:
References & Resources
Disclaimer: The calculations in this spreadsheet are estimates and we do not guarantee the results. Please consult your financial advisor or lending institution before making any final financial decisions. How much will my car payment go down if I pay extra?Have some extra cash and wondering 'will my car payment go down if I pay extra?' You can always make a higher payment and reduce your loan balance. However, if you make an extra payment, your car payment will not go down. The auto loan company instead reduces your loan balance and shortens the term of your loan.
What happens if I pay an extra $100 a month on my car loan?If you pay extra toward your car loan, the principal of the loan goes down more quickly. This translates into paying less interest overall in the long run and, as you said, paying off your loan early.
Does making extra payments on car loan help?As long as your loan doesn't have precomputed interest, paying extra can help reduce the total amount of interest you'll pay. You'll pay off your loan faster.
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Auto loan amortization calculator with extra payments
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