Loan & Mortgage Calculator
Currency:
$
%
years
$
Optional monthly extra
A car loan calculator computes monthly payments, total cost, and total interest for an auto loan. Car loans are simple-interest installment loans — interest is calculated on the remaining balance each month.
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Tip: Get pre-approved by your bank or credit union before visiting a dealership. This gives you a rate benchmark and negotiating power. Dealers often mark up loan rates for profit.
- 1Monthly payment = P × r(1+r)ⁿ / ((1+r)ⁿ − 1)
- 2P = loan amount (price − down payment + fees), r = monthly rate, n = months
- 3Longer terms lower monthly payments but increase total interest paid
- 4Your credit score directly determines the interest rate offered
$30,000 loan, 6% APR, 60 months=$579.98/month, $4,799 interestMost common car loan term
$30,000 loan, 6% APR, 72 months=$497.54/month, $5,823 interest72mo saves $82/mo but costs $1,024 more total
| Credit Score | Rate (New) | Rate (Used) | Monthly on $30k/60mo |
|---|---|---|---|
| 781–850 (Super prime) | 5.2% | 6.8% | $570 |
| 661–780 (Prime) | 6.9% | 9.4% | $592 |
| 601–660 (Near prime) | 10.1% | 13.9% | $639 |
| 501–600 (Subprime) | 14.4% | 20.5% | $702 |
| 300–500 (Deep subprime) | 14.8% | 21.6% | $708 |
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Fun Fact
The average new car loan in the US is now over $40,000 with a monthly payment exceeding $700 — more than many people's rent payments just two decades ago.
References
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