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Currency

Car value

Interest rate (%)

years / Months

Car loan start date?

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Some Result

Loan amount

Total interest

Monthly payment

Total payments

Effective annual rate

Estimated payoff date

Car Loan Repayments by Month (Table)

Why Use This Car Loan Payoff Calculator?

How is Car Loan Interest Calculated?
Calculating the total interest on a car loan involves three simple steps.

Step 1 — Find your monthly payment using this formula:
Monthly Payment = Principal × (rate/12) / (1 - (1 + rate/12)^-months)

Step 2 — Multiply your monthly payment by the total number of months to get the total repayment amount.

Step 3 — Subtract your original loan amount (principal) from the total repayment amount to get the total interest paid.

Example: A loan of ₹15,00,000 at 6% for 60 months gives a monthly payment of approximately ₹28,999. Total repayment = ₹28,999 × 60 = ₹17,39,952. Total interest = ₹17,39,952 - ₹15,00,000 = ₹2,39,952.

How Does This Calculator Work?
Enter your loan amount, annual interest rate, and loan duration. The calculator instantly returns your monthly payment, total interest payable, total repayment amount, and a complete month-by-month amortization schedule showing exactly how much of each payment goes toward principal and how much goes toward interest.

How Much Interest Will You Pay?
The calculator compounds your interest rate over the full loan period to show you the effective annual rate and true cost of borrowing. This helps you understand the real impact of your interest rate and loan term on the total amount you will end up paying.

What is a Balloon Payment?
A balloon payment is a large lump sum paid at the end of a long-term loan. It is commonly used in car finance to reduce the size of monthly repayments throughout the loan period. Be aware that when the loan term ends, the full balloon amount becomes due and payable immediately.