Free Auto Loan Calculator 2026 to calculate monthly car loan EMI, total interest and repayment schedule with full breakdown and amortization.
Easily calculate your monthly payments, total interest, and overall loan cost.
Monthly payment is calculated using the standard loan amortization formula.
Monthly Payment = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
Where: P = Principal (loan amount), r = Monthly interest rate, n = Number of payments
Financial experts typically recommend a down payment of at least 20% for new cars and 10% for used cars to avoid being underwater on your loan.
Longer loan terms result in lower monthly payments but higher total interest paid. Shorter terms have higher payments but save money on interest.
While you can finance taxes and fees, paying them upfront reduces your loan amount and total interest paid.
Auto loan rates vary based on credit score, loan term, and market conditions. Rates typically range from 3% to 10% for most borrowers.