Before buying a car, it's important to understand what your monthly loan payment will be. Use our car loan repayment calculator to see the total principal and interest you’ll owe each month, depending on the loan amount, annual interest rate, and the length of time over the loan will be repaid (also known as "the term").
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My Monthly Car Payment Will Be...
If you borrow $20,000 at 5.00% for 5 years, your monthly payment will be $377.42.
The loan payments don't change over time. Based on the loan amortization over the repayment period, the proportion of interest paid vs. principal repaid changes each month. Specifically, the amount of monthly interest paid decreases while the amount of principal paid increases.
Say that you want to determine a $20,000 loan monthly payment at 5% over a 5-year period. Using our car loan payment calculator, enter “$20,000” as the Loan Amount, “5” as the Term, and “5” as the Annual Interest Rate.