Car Loan EMI Calculator

Work out car loan emi instantly with clear inputs, formula shown and shareable results.

About Car Loan EMI Calculator

The standard amortising loan payment is P x r / (1 - (1+r)^-n) with r the monthly rate. Total interest is what makes the true cost visible: 18,000 over five years at 7.9% costs about 3,850 in interest on top of the capital.

Formula

Loan payment

M = P x r / (1 - (1 + r)^-n), r = annual rate / 12, n = months

Worked example

With the default values below, Car Loan EMI Calculator returns Monthly payment of $364.11. Change any input above and every figure here is recalculated in your browser.

Inputs used

Loan amount: 18,000
Annual interest rate: 7.9 %
Term: 60 months
Deposit already paid: 3,000

Results

Monthly payment: $364.11
Total interest: $3,846.86
Total paid over the term: $21,846.86
Total cost including deposit: $24,846.86

Step by step

1Values used
2Loan payment
3Monthly payment= 364.11
4Total interest= 3,846.86
5Total paid over the term= 21,846.86
6Total cost including deposit= 24,846.86

Assumptions and limits

The result is derived only from the 4 inputs listed above. Anything not among them is not part of the calculation.
In particular, this calculator does not take inflation, tax or fees or charges into account.
Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Frequently Asked Questions

Does a longer term save money?

No. It lowers the monthly payment but increases total interest, and on a depreciating asset it raises the risk of negative equity.

Is APR the same as the interest rate?

No. APR includes fees and charges, so it is the figure to compare between offers. Two loans at the same nominal rate can have very different APRs.