Car Loan Calculator: What Will My Monthly Principal Interest Payment Be?
If you’re looking to buy a car, it’s important to know what your monthly loan payment will be. Use the car loan calculator below to see the total principal and interest you’ll owe each month, depending on the loan amount, annual interest rate and length of time over which you’ll repay the loan (the “term”).
For example, if you’re going to borrow $20,000 at 5% and repay it over 5 years, enter “$20,000” as the Loan Amount, “5” as the Term, and “5” as the Annual Interest Rate.
If you borrow $20,000 at 5.00% for 5 years, your monthly payment will be $377.42 .
The payments do not change over time. The loan amortizes over the repayment period, meaning the proportion of interest paid vs. principal repaid changes each month. As the loan amortizes, the amount of monthly interest paid decreases while the amount of principal paid increases.
Click here to see your full amortization schedule.
Most Popular Calculators
InvestingAnswers is the only financial reference guide you’ll ever need. Our in-depth tools give millions of people across the globe highly detailed and thoroughly explained answers to their most important financial questions.
We provide the most comprehensive and highest quality financial dictionary on the planet, plus thousands of articles, handy calculators, and answers to common financial questions — all 100% free of charge.
Each month, more than 1 million visitors in 223 countries across the globe turn to InvestingAnswers.com as a trusted source of valuable information.