Car Loan Calculator
Car loan monthly payment, total interest & payoff schedule — compare terms and see what the car really costs in any currency.
How much you'll pay each month
Monthly EMI
₹10,501
EMI × months
60
Interest / loan
26%
Rate
9.50%
📅 Repayment schedule
| Year | Principal | Interest | Total paid | Balance |
|---|---|---|---|---|
| Year 1 | ₹82,022 | ₹43,990 | ₹1,26,011 | ₹4,17,978 |
| Year 2 | ₹90,162 | ₹35,849 | ₹1,26,011 | ₹3,27,817 |
| Year 3 | ₹99,110 | ₹26,901 | ₹1,26,011 | ₹2,28,706 |
| Year 4 | ₹1,08,947 | ₹17,064 | ₹1,26,011 | ₹1,19,759 |
| Year 5 | ₹1,19,759 | ₹6,252 | ₹1,26,011 | ₹0 |
Downloads carry the MyStudyVerse header — the Excel file keeps live formulas you can edit.
🚗What the car really costs
The sticker price is only the opening bid. Finance the car and the true cost is the price plus every month of interest— this calculator shows your exact monthly payment, the total interest, and the payoff schedule. It also works backwards: enter the monthly payment you can afford and see the car budget it supports. Any currency, any country's rates.
🧮The maths
💡Car finance, decoded
- Keep car payments under ~10–15% of take-home pay — cars depreciate, so overcommitting hurts twice.
- Shorter terms beat longer ones for vehicles: being 'underwater' (owing more than the car is worth) mostly happens on 6–7 year loans.
- A 20% down payment roughly matches the first year's depreciation — it keeps the loan aligned with the car's value.
- Compare the dealer's finance offer against your bank: enter both here and the total-interest line settles the argument in seconds.
- Used-car loans carry higher rates but far lower depreciation — total cost of ownership often wins.
⚖️The 20/4/10 rule of thumb
A popular sanity check for car buying: put 20% down, finance no longer than 4 years, and keep all monthly vehicle costs (payment + insurance + fuel) under 10% of gross income. Strict? Yes. But run your numbers here against it — if the payment only works on a 7-year term, the car is telling you something.
💡 Frequently Asked Questions
How is a car loan payment calculated?+
With the standard amortizing-loan formula — the same one used for mortgages: Payment = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1). Enter the amount financed (price minus down payment), the annual rate, and the term; this tool returns the payment and the full payoff schedule.
What car can I afford on my salary?+
Work backwards: switch to solve-for-loan-amount and enter a payment around 10% of your monthly take-home. Add your planned down payment to the result — that's a sensible car budget. Remember insurance, fuel, and maintenance ride on top.
Is 0% dealer financing really free?+
Sometimes — but it usually replaces a cash discount. Compare: price with the discount financed at your bank's rate versus full price at 0%. Run both scenarios here; whichever has the lower total payment column wins.
New or used — which finances better?+
Used-car rates are typically 1–3% higher, but a used car has already taken its steepest depreciation. Finance less, for shorter, on an asset that's falling slower — the total-cost line here usually favours a 2–3 year old car.