Whether you’re looking to buy a new car, refinance your current vehicle, or buy out a lease, this calculator will help you make the best choice by showing you how much buying a new car will cost you. With just a few pieces of information, you can calculate your monthly payment, interest costs, and the total cost of your vehicle, including all applicable taxes and fees. Try out various loan terms, rates, and down payments on our calculator to see which will work best for your finances before signing on the dotted line at a dealership.
$5,952 Total Interest Paid
| Dec, 2022 | Nov, 2027 |
| Loan Closing | Loan Payoff |
| Date | Interest | Principal | Balance |
|---|---|---|---|
| Dec, 2022 | $188 | $662 | $44,338 |
| 2022 | $188 | $662 | $44,338 |
| Jan, 2023 | $185 | $664 | $43,674 |
| Feb, 2023 | $182 | $667 | $43,007 |
| Mar, 2023 | $179 | $670 | $42,337 |
| Apr, 2023 | $176 | $673 | $41,664 |
| May, 2023 | $174 | $676 | $40,988 |
| Jun, 2023 | $171 | $678 | $40,310 |
| Jul, 2023 | $168 | $681 | $39,629 |
| Aug, 2023 | $165 | $684 | $38,944 |
| Sep, 2023 | $162 | $687 | $38,257 |
| Oct, 2023 | $159 | $690 | $37,568 |
| Nov, 2023 | $157 | $693 | $36,875 |
| Dec, 2023 | $154 | $696 | $36,179 |
| 2023 | $2,032 | $8,159 | $36,179 |
| Jan, 2024 | $151 | $698 | $35,481 |
| Feb, 2024 | $148 | $701 | $34,780 |
| Mar, 2024 | $145 | $704 | $34,075 |
| Apr, 2024 | $142 | $707 | $33,368 |
| May, 2024 | $139 | $710 | $32,658 |
| Jun, 2024 | $136 | $713 | $31,945 |
| Jul, 2024 | $133 | $716 | $31,229 |
| Aug, 2024 | $130 | $719 | $30,510 |
| Sep, 2024 | $127 | $722 | $29,788 |
| Oct, 2024 | $124 | $725 | $29,062 |
| Nov, 2024 | $121 | $728 | $28,334 |
| Dec, 2024 | $118 | $731 | $27,603 |
| 2024 | $1,614 | $8,576 | $27,603 |
| Jan, 2025 | $115 | $734 | $26,869 |
| Feb, 2025 | $112 | $737 | $26,132 |
| Mar, 2025 | $109 | $740 | $25,391 |
| Apr, 2025 | $106 | $743 | $24,648 |
| May, 2025 | $103 | $747 | $23,902 |
| Jun, 2025 | $100 | $750 | $23,152 |
| Jul, 2025 | $96 | $753 | $22,399 |
| Aug, 2025 | $93 | $756 | $21,643 |
| Sep, 2025 | $90 | $759 | $20,884 |
| Oct, 2025 | $87 | $762 | $20,122 |
| Nov, 2025 | $84 | $765 | $19,357 |
| Dec, 2025 | $81 | $769 | $18,588 |
| 2025 | $1,175 | $9,015 | $18,588 |
| Jan, 2026 | $77 | $772 | $17,816 |
| Feb, 2026 | $74 | $775 | $17,041 |
| Mar, 2026 | $71 | $778 | $16,263 |
| Apr, 2026 | $68 | $781 | $15,482 |
| May, 2026 | $65 | $785 | $14,697 |
| Jun, 2026 | $61 | $788 | $13,909 |
| Jul, 2026 | $58 | $791 | $13,118 |
| Aug, 2026 | $55 | $795 | $12,323 |
| Sep, 2026 | $51 | $798 | $11,525 |
| Oct, 2026 | $48 | $801 | $10,724 |
| Nov, 2026 | $45 | $805 | $9,920 |
| Dec, 2026 | $41 | $808 | $9,112 |
| 2026 | $714 | $9,476 | $9,112 |
| Jan, 2027 | $38 | $811 | $8,301 |
| Feb, 2027 | $35 | $815 | $7,486 |
| Mar, 2027 | $31 | $818 | $6,668 |
| Apr, 2027 | $28 | $821 | $5,847 |
| May, 2027 | $24 | $825 | $5,022 |
| Jun, 2027 | $21 | $828 | $4,193 |
| Jul, 2027 | $17 | $832 | $3,362 |
| Aug, 2027 | $14 | $835 | $2,527 |
| Sep, 2027 | $11 | $839 | $1,688 |
| Oct, 2027 | $7 | $842 | $846 |
| Nov, 2027 | $4 | $846 | $0 |
| 2027 | $229 | $9,112 | $0 |
How to get a car loan?Getting a car loan starts with an application to a bank or credit union. Typically, you’ll need to provide them with some necessary information, such as the car’s make and model you’re considering purchasing and the loan amount you’ll need. Some financial institutions will let you borrow more than the car’s value so that you’ll have some money to pay for taxes, title, and registration. Your lender will pull your credit report and determine whether or not they can fund your request. You can also get a car loan from a dealership as most places have lenders that they use (or the manufacturer has a credit institution like Ford does with Ford Credit). However, loans from the dealerships may not match what you can get with your bank. Fortunately, our auto loan calculator will help you determine which one is better!
FAQ
What happens if I pay an extra $100 a month on my car loan?
If you pay more, your car payment won’t decrease, but you’ll pay off the loan more quickly. Depending on how quickly you pay off the loan and how much your interest rate is, paying more can also help you save money on interest.
How do you calculate extra payments on amortization schedule?
The principal of the loan decreases more quickly if you make additional payments toward your auto loan. This translates into a long-term reduction in interest payments and, as you mentioned, an early loan repayment. You must, however, confirm that your lender does not impose any prepayment penalties.
What happens if I pay an extra $50 a month on my car loan?
The principal is the amount you borrowed. The interest is what you pay to borrow that money. If you pay more than what’s required, it might be applied to fees and interest first. After that, your principal will receive the remainder of your payment.