Auto Loan Calculator
Calculate your exact monthly payment, total interest paid, and see a complete amortization schedule for any loan — in seconds.
Loan Details
Adjust the sliders or type directly
Monthly Payment
$489.15
per month
Total Interest
$4,349.22
over loan life
Total Cost
$29,349.22
principal + interest
Payment Breakdown
Amortization Schedule
60 monthly payments
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $489.15 | $353.74 | $135.42 | $24,646.26 |
| 2 | $489.15 | $355.65 | $133.50 | $24,290.61 |
| 3 | $489.15 | $357.58 | $131.57 | $23,933.03 |
| 4 | $489.15 | $359.52 | $129.64 | $23,573.51 |
| 5 | $489.15 | $361.46 | $127.69 | $23,212.05 |
| 6 | $489.15 | $363.42 | $125.73 | $22,848.63 |
| 7 | $489.15 | $365.39 | $123.76 | $22,483.24 |
| 8 | $489.15 | $367.37 | $121.78 | $22,115.87 |
| 9 | $489.15 | $369.36 | $119.79 | $21,746.51 |
| 10 | $489.15 | $371.36 | $117.79 | $21,375.15 |
| 11 | $489.15 | $373.37 | $115.78 | $21,001.78 |
| 12 | $489.15 | $375.39 | $113.76 | $20,626.38 |
Cost Summary
Interest
14.8%
Monthly Payment
$489.15
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Try TradingForms Free →Understanding your loan payment
Your monthly loan payment is calculated using the standard amortization formula, which factors in your loan amount (principal), the annual interest rate, and the loan term in months.
Each payment is split between paying down the principal and covering the interest charge for that period. Early in the loan, a larger portion goes toward interest. Over time, more of each payment reduces the principal balance — this is called amortization.
The formula used is: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] where P = principal, r = monthly rate, n = number of payments.
Get the best deal on your loan
Lower rate = big savings
Even a 1% reduction in interest rate can save hundreds or thousands over the life of your loan. Always shop around.
Shorter term = less interest
A 36-month loan costs significantly less in total interest than a 72-month loan, even if the monthly payment is higher.
Bigger down payment
Reducing your loan principal with a larger down payment directly reduces both your monthly payment and total interest paid.
Check your credit score
A higher credit score qualifies you for lower interest rates. Improving your score before applying can save you significantly.
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