Calculate car loan monthly payments, total interest, and early payoff savings. Compare refinancing options. Free auto loan calculator, instant results.
A 23-year-old in Michigan is offered a $28,000 car at 7.9% for 72 months and the $380/month payment sounds reasonable.
Result: Calculator reveals $3,360 in total interest — he negotiates a 48-month term at same rate and saves $1,890.
A borrower in Georgia has an 8.4% auto loan from 2023 and wonders if refinancing to 6.2% saves meaningful money.
Result: Refinancing saves $67/month and $1,608 over remaining term — he refinances immediately with no prepayment penalty.
A borrower in Colorado wants to pay off her 5-year car loan in 3 years by adding extra monthly payments.
Result: Adding $285/month extra cuts loan to 36 months and saves $1,240 in interest — she sets up auto-pay for the extra amount.
We use the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n – 1], where P is principal, r is monthly rate, and n is number of months.
Rates for new cars range from 5-8% for good credit. Used cars are typically 1-2% higher. Excellent credit can get rates under 5%.
Extra payments reduce total interest and shorten the loan. Even $50/month extra can save thousands over the loan life.
No. This is an educational calculator. Consult your lender for exact terms and rates.
Yes — every FreeFixo tool, including the Car Loan Calculator, is 100% free with no paywall, no premium tier, and no usage limits. You do not need to create an account, enter a credit card, or share an email.
The Car Loan Calculator uses the same formulas, rates, and reference data that financial planners, professionals, and government sources publish. Results are estimates intended for planning and education — for situations involving large sums or legal consequences, confirm with a qualified professional before acting.