Auto Loan Calculator Help
Use this calculator to calculate loan details when the down payment is expressed as an amount.
Unlike a general loan calculator, this calculator allows for two unknown values. In addition to solving for the monthly payment amount, it will also calculate the "Car Price", the "Down Payment Amount" or the "Loan Amount". Just enter a "0" (zero) for one of the three values and provide the other two.
Note that the calculator calculates what percentage the down payment is of the price of the car. This is handy when a lender requires a borrower to provide a minimum percentage cash deposit.
The term (duration) of the loan is expressed as a number of months.
- 60 months = 5 years
- 120 months = 10 years
- 180 months = 15 years
- 240 months = 20 years
- 360 months = 30 years
If you need the ability to print the amortization schedule, or more flexibility such as selecting different payment or compounding frequencies or the ability to calculate term or interest rate, please see the auto loan calculator here: https://AccurateCalculators.com/auto-loan-calculator
Currency and Date Conventions
All calculators will remember your choice. You may also change it at any time.
Clicking "Save changes" will cause the calculator to reload. Your edits will be lost.
User Manual of Our mortgage calculator:
- If you see any mistake in your typing of loan amount or percent of interest or anything, or you need to clear the calculator, click Clear Button.
- If you want to keep your calculation, click Print Button,
- If you need any assistance you can click Help Button.
- To see the Payment Schedule, click on Payment Schedule Button.
- To see the graph, click charts Button.
If you are facing any problems, Discuses in our Banks Info Community for help
6 Steps To calculate your loan payments using a loan calculator, follow these steps:
1. Collect Loan Information
You will need the following details:
- Loan amount: The total amount you’re borrowing.
- Loan term: The repayment period in months or years.
- Interest rate: The annual interest rate on the loan.
- Additional fees (optional): Any extra fees or insurance that may be added to the loan.
2. Enter the Loan Amount
Input the total amount you plan to borrow into the calculator.
3. Select the Loan Term
Choose the duration for repaying the loan, such as 1, 5, or 10 years.
4. Input the Interest Rate
Enter the annual interest rate (e.g., 6%), as offered by your lender.
5. Include Additional Fees (Optional)
If applicable, add any extra fees or insurance costs that might impact the total loan amount.
6. Calculate Your Payment
Click “Calculate” to see your results. The calculator will show:
- Monthly payment: The amount you need to pay each month.
- Total interest: The total interest paid over the life of the loan.
- Total cost: The total amount paid (principal + interest).
Using a loan calculator helps you understand your payment schedule and plan your budget accordingly.
Loan Calculator
A loan is a financial agreement between a borrower and a lender where the borrower receives a sum of money (the principal) and agrees to repay it over time. Loans generally fall into three main categories:
Amortized Loan: Fixed Regular Payments
This is the most common type of loan, where regular payments are made towards both the principal and interest until the loan is fully paid off. Mortgages, car loans, student loans, and personal loans are examples of amortized loans. These loans are often referred to in everyday conversations when people mention “loans.” For more specific loan calculations, you can explore the following calculators:
– Mortgage Calculator
– Auto Loan Calculator
– Student Loan Calculator
– FHA Loan Calculator
– VA Mortgage Calculator
– Investment Calculator
– Business Loan Calculator
– Personal Loan Calculator
2. Deferred Payment Loan: Lump Sum Due at Maturity
In deferred payment loans, the borrower makes a single large payment of the entire principal and interest when the loan matures. This is common for commercial or short-term loans. While some loans, like balloon loans, may have smaller periodic payments, this loan type involves a lump-sum payment at the end.
3. Bonds: Pre-determined Lump Sum Payment
Bonds work differently from regular loans, as they involve a lump-sum payment at maturity. The face value, or par value, is the amount the borrower repays at the end of the bond’s term. There are two main types of bonds:
– Coupon Bonds: Regular interest payments are made based on a percentage of the bond’s face value.
– Zero-Coupon Bonds: No regular interest payments are made. Instead, the bond is sold at a discount, and the face value is paid at maturity.
### Loan Basics for Borrowers
Interest Rate
Nearly all loans come with interest, which is the lender’s profit. The interest rate is usually expressed as APR (Annual Percentage Rate), which includes both the interest and any fees. Borrowers can use the [Interest Calculator] to calculate interest based on advertised rates.
Compounding Frequency
Compound interest means interest is earned not only on the principal but also on previously earned interest. Generally, the more frequently interest compounds, the higher the overall repayment amount. Most loans compound interest monthly. To learn more, check the [Compound Interest Calculator].
Loan Term
The loan term is the period over which the loan is repaid. Longer terms reduce monthly payments but increase the total interest paid.
Types of Consumer Loans
Secured Loans
A secured loan involves using an asset as collateral, such as a home (for a mortgage) or a car (for an auto loan). If the borrower defaults, the lender can seize the collateral. Secured loans typically have lower interest rates and higher approval chances.
Unsecured Loans
Unsecured loans do not require collateral, so approval depends on the borrower’s creditworthiness. Factors like credit history, income, and other assets are considered. Examples include personal loans, credit cards, and student loans. Unsecured loans usually have higher interest rates and shorter repayment terms.
To explore specific loan types, you can visit:
– [Credit Card Calculator]
– [Personal Loan Calculator]
– [Student Loan Calculator]