Auto Loan Calculator
This easy to use Auto Loan Calculator can help you quickly
analyze how much you can afford to borrow for how long and
at what interest rate.
- • Enter ballpark values by clicking on and dragging
the 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).
• Solve for different variables by clicking on a label
name. A red check mark appears on the label of the variable
for which you are solving. You cannot change red-checked
values.
• The results of your calculations show in the box
at the bottom of the calculator.
• Click on the other tabs for charts and graphs that
detail your payment plan.
Loan Calculator Tab
The Loan Calculator Tab allows you to enter basic information
used to calculate your auto loan.
Loan Amount
If you are unsure of the total amount you can afford to borrow
just click this label and enter the monthly payment, interest
rate and number of years you can afford for a quick estimate
of your ideal auto loan amount.
Loan Period
If you already know the amount of the loan you want but are
unsure how long it will take to pay it back clicking on this
label will show you how different monthly payments will change
the length of your auto loan.
Annual Rate
By clicking on this label you can see how the interest rate
is affected by changes in the other loan variables and get
an idea about what interest rate you can afford.
Monthly Payment
You can quickly see how changes in the amount, duration and
interest rate of the loan will impact your monthly payments
by clicking this label.
Total Interest Paid
This amount reflects all the interest you have to pay over
the life of the auto loan.
Results
This box will reflect the results of the amounts that you
have entered and the label that you have checked.
Payment Schedule Tab Once you
have chosen a loan the Payment Schedule Tab will show the
complete amortization schedule by designating each row a value
for the interest, the principal and the balance of the auto
loan at that payment number.
Payment Chart Tab The Payment
Chart Tab shows an area graph, a pie chart and allows you
to see the changes extra principal payments could have on
your auto loan.
The area graph shows how your payments are distributed between
the interest, principal and extra principal for the length
of the loan or for a single loan period by moving the diamond-shaped
slider at the bottom of the graph.
The pie chart shows you the cumulative distribution of interest,
principal and extra payments (if any) at the end of your loan.
Extra Principal
You may want to include extra principal with your monthly
payment, to be used only for paying down the principal and
not the interest, which would allow you to shorten your loan
and pay less total interest. Entering an amount in this box
will also change the results on the Payment Schedule Tab.
Click
Here to open the Auto Loan Calculator
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