The Auto Loan Calculator helps you analyze auto loans. How much can you afford to borrow for how long at what interest rate?

You compute one of the following variables while modifying the others. That means that in the calculator, you click on the button with the same label as that listed in the left-hand column, below. The red check mark indicates for which variable you are solving.

Enter ballpark values by clicking on and dragging the black diamond-shaped sliders left or right. Enter exact numbers by clicking on the number in the box on the right and type your number (no commas) in the box.

The results of your calculations show in the box at the bottom of the calculator.

 
Note: The examples below are based on the assumption that the calculator is refreshed with the default values loaded.
 

The Loan Calculator Tab allows you to manipulate various amounts and values to explore the ramifications of your decisions.

Loan Amount

Click this button to figure out the biggest loan you can afford given the interest rate, the loan duration and the monthly payment you can afford. This is the amount of your current loan. Use the diamond-shaped slider to enter the value or enter it directly in the edit box.

• "If I want my monthly payment to be no more than $300, how much can I borrow if I want the 7%, 5-year auto loan?"
• "If I decide to go for the 4-year loan, will I be able to afford a bigger loan if the interest on that loan is 7.25%?"
• "If my brother-in-law can give me a loan at 4%, will I be able to afford that dream car if I can pay off the loan in 6 years?"

Loan Period

Click on this button to figure out how long your debt will last. You would typically solve for the loan period to figure out how an increased monthly payment might reduce the loan term.

• "How many months will my loan last if I increase my monthly payment to $600 on my 6%, 5-year, $25,000 loan?"

Annual Rate

Click on this button to figure out how what happens to the interest rate when you change other loan variables. Can you afford the rate? Can you afford to pay a higher rate?

• "If I want the loan term to be 5 years, rather than 4, how much more will my interest rate be?"
• "If I get a 5-year loan and borrow $7,000, what will my interest rate be?" Keep all the values the same, but slide the monthly payment slider to $150 to see how your interest rate goes up. Now bump up your loan amount to $7,500."

Monthly Payment

Click on this button to figure out what affects the monthly payment.

• "If I can get a monthly payment of 7.00% rather than 7.50%, how much less will my monthly payment be?"
• "If I know I can afford a monthly payment of about $150, how big a loan can I get if I can get a 6% loan for 5 years?"

The Payment Schedule Tab shows the amortization schedule for the chosen loan. Each row shows a payment number, the interest, the principal and the balance of the loan at that payment number.

The Payment Chart Tab shows 2 graphs. The area graph shows payment values and the distribution of interest, principal and extra principal (if any). Grab the diamond-shaped slider at the bottom of the graph and move it to a payment number to get a readout of interest, principal and extra principal for any one loan period. The pie chart shows total percentages and values for interest, principal and extra principal.

Extra Principal

Extra Principal is an amount you include with your payment to be used explicitly for paying down the principal, not the interest. The faster you pay down your principal, the shorter your loan will be and the less total interest you have to pay.

• "How many fewer months will my loan last if I pay $50 per month in additional principal?"