Advanced Auto Loan Calculator

Overview Tab

The Overview tab provides a comprehensive view of your auto loan:

• Enter your vehicle price, down payment, loan term, and interest rate
• Add costs like sales tax, dealer fees, and registration
• Include trade-in value and amount owed on current vehicle
• See your cost breakdown with an interactive chart
• View how your loan balance decreases over time
• Calculate the impact of extra payments on interest savings

Amortization Tab

The Amortization tab shows how your payments are distributed over time:

• Interactive bar chart showing principal vs interest by year
• Detailed yearly breakdown of payments
• See how the proportion of principal increases over time
• Track your remaining balance year by year

Comparison Tab

The Comparison tab lets you evaluate different loan scenarios:

• Compare different loan terms (36, 48, 60, 72, 84 months)
• See the impact of different interest rates
• Evaluate the effect of making extra payments
• Visual comparison chart showing key metrics side by side

Principal & Interest

The principal is the amount you borrow to purchase your vehicle. Interest is the cost of borrowing that money. Early in your loan, most of your payment goes toward interest. Over time, more goes toward reducing the principal balance.

Down Payment Benefits

A larger down payment reduces your loan amount, monthly payment, and total interest paid. It also helps you avoid being "upside down" on your loan (owing more than the car is worth) and may qualify you for better interest rates.

Loan Term Considerations

Longer loan terms result in lower monthly payments but more interest paid over the life of the loan. Shorter terms mean higher monthly payments but significant interest savings. Consider what fits your budget and financial goals.

Trade-In Value

Your trade-in value reduces the amount you need to finance. However, if you owe more on your current vehicle than it's worth, that negative equity gets rolled into your new loan, increasing the total amount financed.

Making Extra Payments

Extra payments go directly toward your principal balance, reducing the total interest you'll pay and shortening your loan term. Even an extra $50/month can save hundreds or thousands in interest.