Car Loan Interest Calculator
Calculate car loan interest, monthly payments, total interest, and amortization schedules. Supports extra payments, credit score-based rates, and Excel export. Perfect for US, India, Canada, and SBI loans.
Loan Details
Common: 36, 48, 60, 72, 84 months
Summary
Payment Schedule
| Month | Date | Principal | Interest | Total | Balance |
|---|---|---|---|---|---|
| 1 | December 1, 2025 | $429.98 | $150.00 | $579.98 | $29,570.02 |
| 2 | January 1, 2026 | $432.13 | $147.85 | $579.98 | $29,137.88 |
| 3 | February 1, 2026 | $434.29 | $145.69 | $579.98 | $28,703.59 |
| 4 | March 1, 2026 | $436.47 | $143.52 | $579.98 | $28,267.12 |
| 5 | April 1, 2026 | $438.65 | $141.34 | $579.98 | $27,828.47 |
| 6 | May 1, 2026 | $440.84 | $139.14 | $579.98 | $27,387.63 |
| 7 | June 1, 2026 | $443.05 | $136.94 | $579.98 | $26,944.59 |
| 8 | July 1, 2026 | $445.26 | $134.72 | $579.98 | $26,499.32 |
| 9 | August 1, 2026 | $447.49 | $132.50 | $579.98 | $26,051.84 |
| 10 | September 1, 2026 | $449.72 | $130.26 | $579.98 | $25,602.11 |
| 11 | October 1, 2026 | $451.97 | $128.01 | $579.98 | $25,150.14 |
| 12 | November 1, 2026 | $454.23 | $125.75 | $579.98 | $24,695.90 |
| 13 | December 1, 2026 | $456.50 | $123.48 | $579.98 | $24,239.40 |
| 14 | January 1, 2027 | $458.79 | $121.20 | $579.98 | $23,780.61 |
| 15 | February 1, 2027 | $461.08 | $118.90 | $579.98 | $23,319.53 |
| 16 | March 1, 2027 | $463.39 | $116.60 | $579.98 | $22,856.15 |
| 17 | April 1, 2027 | $465.70 | $114.28 | $579.98 | $22,390.44 |
| 18 | May 1, 2027 | $468.03 | $111.95 | $579.98 | $21,922.41 |
| 19 | June 1, 2027 | $470.37 | $109.61 | $579.98 | $21,452.04 |
| 20 | July 1, 2027 | $472.72 | $107.26 | $579.98 | $20,979.32 |
| 21 | August 1, 2027 | $475.09 | $104.90 | $579.98 | $20,504.23 |
| 22 | September 1, 2027 | $477.46 | $102.52 | $579.98 | $20,026.76 |
| 23 | October 1, 2027 | $479.85 | $100.13 | $579.98 | $19,546.91 |
| 24 | November 1, 2027 | $482.25 | $97.73 | $579.98 | $19,064.66 |
| 25 | December 1, 2027 | $484.66 | $95.32 | $579.98 | $18,580.00 |
| 26 | January 1, 2028 | $487.08 | $92.90 | $579.98 | $18,092.92 |
| 27 | February 1, 2028 | $489.52 | $90.46 | $579.98 | $17,603.40 |
| 28 | March 1, 2028 | $491.97 | $88.02 | $579.98 | $17,111.43 |
| 29 | April 1, 2028 | $494.43 | $85.56 | $579.98 | $16,617.01 |
| 30 | May 1, 2028 | $496.90 | $83.09 | $579.98 | $16,120.11 |
| 31 | June 1, 2028 | $499.38 | $80.60 | $579.98 | $15,620.72 |
| 32 | July 1, 2028 | $501.88 | $78.10 | $579.98 | $15,118.84 |
| 33 | August 1, 2028 | $504.39 | $75.59 | $579.98 | $14,614.45 |
| 34 | September 1, 2028 | $506.91 | $73.07 | $579.98 | $14,107.54 |
| 35 | October 1, 2028 | $509.45 | $70.54 | $579.98 | $13,598.10 |
| 36 | November 1, 2028 | $511.99 | $67.99 | $579.98 | $13,086.10 |
| 37 | December 1, 2028 | $514.55 | $65.43 | $579.98 | $12,571.55 |
| 38 | January 1, 2029 | $517.13 | $62.86 | $579.98 | $12,054.42 |
| 39 | February 1, 2029 | $519.71 | $60.27 | $579.98 | $11,534.71 |
| 40 | March 1, 2029 | $522.31 | $57.67 | $579.98 | $11,012.40 |
| 41 | April 1, 2029 | $524.92 | $55.06 | $579.98 | $10,487.48 |
| 42 | May 1, 2029 | $527.55 | $52.44 | $579.98 | $9,959.93 |
| 43 | June 1, 2029 | $530.18 | $49.80 | $579.98 | $9,429.75 |
| 44 | July 1, 2029 | $532.84 | $47.15 | $579.98 | $8,896.91 |
| 45 | August 1, 2029 | $535.50 | $44.48 | $579.98 | $8,361.41 |
| 46 | September 1, 2029 | $538.18 | $41.81 | $579.98 | $7,823.24 |
| 47 | October 1, 2029 | $540.87 | $39.12 | $579.98 | $7,282.37 |
| 48 | November 1, 2029 | $543.57 | $36.41 | $579.98 | $6,738.80 |
| 49 | December 1, 2029 | $546.29 | $33.69 | $579.98 | $6,192.51 |
| 50 | January 1, 2030 | $549.02 | $30.96 | $579.98 | $5,643.48 |
| 51 | February 1, 2030 | $551.77 | $28.22 | $579.98 | $5,091.72 |
| 52 | March 1, 2030 | $554.53 | $25.46 | $579.98 | $4,537.19 |
| 53 | April 1, 2030 | $557.30 | $22.69 | $579.98 | $3,979.89 |
| 54 | May 1, 2030 | $560.08 | $19.90 | $579.98 | $3,419.81 |
| 55 | June 1, 2030 | $562.89 | $17.10 | $579.98 | $2,856.92 |
| 56 | July 1, 2030 | $565.70 | $14.28 | $579.98 | $2,291.22 |
| 57 | August 1, 2030 | $568.53 | $11.46 | $579.98 | $1,722.70 |
| 58 | September 1, 2030 | $571.37 | $8.61 | $579.98 | $1,151.33 |
| 59 | October 1, 2030 | $574.23 | $5.76 | $579.98 | $577.10 |
| 60 | November 1, 2030 | $577.10 | $2.89 | $579.98 | $0.00 |
Car Loan Interest Calculator - Complete Guide
Understanding car loan interest is crucial when financing a vehicle purchase. Our comprehensive car loan interest calculator helps you calculate monthly payments, total interest costs, and detailed amortization schedules. Whether you're in the United States, India, Canada, or using SBI (State Bank of India) financing, this tool provides accurate calculations tailored to your region's lending practices.
What is a Car Loan Interest Calculator?
A car loan interest calculator is an essential financial tool that computes your monthly car loan payment based on the principal amount, annual interest rate, and loan term. It breaks down how much of each payment goes toward principal versus interest, helping you understand the true cost of borrowing. Our calculator supports multiple repayment methods including equal payment (EMI) and equal principal, making it suitable for various lending structures worldwide.
Car Loan Interest Calculator Formula
The car loan interest calculator formula varies depending on the repayment type. For equal payment (EMI) loans, the formula is: M = P × (r × (1 + r)^n) / ((1 + r)^n - 1), where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. For equal principal loans, the formula is: M = P/n + (P - (m-1) × P/n) × r, where m represents the current payment month. Our calculator displays these formulas dynamically based on your inputs, helping you understand the mathematical foundation behind your loan calculations.
Car Loan Interest Calculator with Extra Payments
Making extra payments on your car loan can significantly reduce total interest costs and shorten your loan term. Our calculator with extra payments feature allows you to model two scenarios: monthly extra payments added to each regular payment, or a one-time lump sum payment at a specific month. By inputting your extra payment amount and frequency, you can see exactly how much interest you'll save and when your loan will be paid off. For example, adding $100 monthly to a $30,000 loan at 6% interest over 60 months can save over $1,500 in interest and pay off your loan 8 months early.
Car Loan Interest Calculator Monthly
Our car loan interest calculator monthly feature provides a detailed month-by-month breakdown of your loan payments. Each row in the payment schedule shows the payment date, principal payment amount, interest payment amount, total payment, and remaining balance. This monthly view helps you track your loan progress and understand how your payments are allocated between principal and interest over time. Early in the loan term, most of your payment goes toward interest, while later payments primarily reduce the principal balance.
Car Loan Interest Calculator Based on Credit Score
Your credit score significantly impacts the interest rate you'll receive on your car loan. Our calculator based on credit score feature provides suggested interest rates based on your credit score range, helping you understand how your creditworthiness affects loan costs. The calculator adjusts rates based on your selected region: US and Canada typically offer rates from 4.5% (excellent credit, 750+) to 12% (poor credit, below 600), while India and SBI rates range from 7.5% (excellent) to 15% (poor credit). By comparing your current rate with the suggested rate for your credit score, you can see potential savings from improving your credit before applying for a loan.
Regional Support: India, Canada, and SBI
Our car loan interest calculator supports multiple regions with region-specific interest rate structures and lending practices. For India and SBI (State Bank of India) loans, the calculator accounts for typically higher interest rates ranging from 7.5% to 15% based on credit score. Canadian car loans follow similar structures to US loans but may have slightly different rate ranges. The calculator adapts its credit score-based rate suggestions and payment calculations to match each region's typical lending environment, ensuring accurate results whether you're financing in the United States, India, Canada, or through SBI.
Car Loan Interest Calculator Excel Export
Our car loan interest calculator Excel export feature allows you to download your complete payment schedule as a CSV file, compatible with Microsoft Excel, Google Sheets, and other spreadsheet applications. The exported file includes all loan details, payment dates, principal payments, interest payments, total payments, remaining balances, and extra payments (if applicable). This Excel export functionality is invaluable for financial planning, record-keeping, and comparing different loan scenarios side by side. Simply click the "Export to Excel" button to download your payment schedule for offline analysis.
Understanding Interest Calculations
Car loan interest is calculated using compound interest principles, where interest accrues on the remaining principal balance each month. With equal payment loans, your monthly payment stays constant, but the proportion allocated to interest decreases over time while principal payments increase. With equal principal loans, your principal payment remains constant, but interest payments decrease as the balance reduces, resulting in decreasing total monthly payments over the loan term. Understanding these interest calculation methods helps you choose the repayment structure that best fits your financial situation.
Tips for Minimizing Car Loan Interest
To minimize car loan interest costs, consider these strategies: improve your credit score before applying to qualify for lower rates, make a larger down payment to reduce the principal amount, choose the shortest loan term you can afford, make extra payments when possible, shop around with multiple lenders to compare rates, negotiate the interest rate with your lender, and consider refinancing if rates drop or your credit improves. Our calculator helps you model these scenarios to see their impact on total interest costs.
Conclusion
A car loan interest calculator is an indispensable tool for anyone considering vehicle financing. By providing accurate calculations of monthly payments, total interest costs, and detailed payment schedules, it empowers you to make informed decisions about your car loan. Whether you need basic interest calculations, want to model extra payments, understand how credit scores affect rates, view formulas, or export data to Excel, our comprehensive calculator supports all these features. With regional support for US, India, Canada, and SBI loans, this tool adapts to your specific lending environment, ensuring accurate results for your car financing needs.