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Car Loan Calculator
✓ 100% FREE — No Signup Needed
Calculate your car loan monthly payment with down payment and balloon options — then compare two loan offers side by side to find the true cheapest deal.
Estimated monthly payment
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Compare two loan offers
Offer A
Total interest—
Total cost (loan + down)—
Offer B
Total interest—
Total cost (loan + down)—
Balloon payment: a lump sum due at the end of the loan — it lowers monthly payments but must be paid (or refinanced) at the end.
How car loan math works
Loan amount = car price − down payment − trade-in. The monthly payment uses the standard amortization formula. A balloon payment is subtracted from the financed amount but added back as a final lump sum.
Smart buyer checklist
- Compare total cost, not just monthly payment — longer terms hide extra interest.
- Put at least 10–20% down to avoid going underwater.
- Get pre-approved before visiting the dealership for negotiating power.
FAQs
How is a car loan monthly payment calculated?
Payment = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan after down payment, r the monthly rate, n months. The calculator above does it instantly.
What is a good down payment for a car?
20% is the classic guideline — smaller loan, less interest, no negative equity. Aim for at least 10%.
Is a longer car loan term better?
It lowers monthly payments but costs much more in total interest. Compare both offers above to see the true cost.
Is this car loan calculator free?
Yes — 100% free, no signup required.