This calculator is for estimation purposes only and does not reflect actual loan offers from Navy Federal Credit Union.
Loan Summary
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Total Interest Paid: —
Total Cost of Loan: —
Understanding Your Auto Loan with Navy Federal Credit Union
Financing a vehicle is a significant decision, and understanding the terms of your auto loan is crucial. Navy Federal Credit Union (NFCU) offers competitive auto loan options designed to help members purchase their desired vehicles. This calculator is a tool to help you estimate your potential monthly payments, total interest paid, and the overall cost of your loan based on key financial inputs.
How the Auto Loan Calculator Works
The calculator uses a standard loan amortization formula to estimate your monthly payment. Here's a breakdown of the inputs and the underlying math:
Vehicle Price: This is the total purchase price of the vehicle you intend to buy.
Down Payment: The amount of money you pay upfront at the time of purchase. This reduces the principal loan amount.
Loan Term (in months): The total duration of the loan, expressed in months. Longer terms generally result in lower monthly payments but higher total interest paid over the life of the loan.
Annual Interest Rate (%): This is the yearly rate charged by the lender. The calculator will convert this to a monthly rate for calculations.
The Math Behind the Monthly Payment
The most common formula used to calculate the monthly payment (M) for an amortizing loan is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal Loan Amount (Vehicle Price – Down Payment)
n = Total Number of Payments (Loan Term in months)
Calculating Total Interest and Total Cost
Once the monthly payment is determined, calculating the total interest and total cost is straightforward:
Total Interest Paid = (Monthly Payment * Loan Term) – Principal Loan Amount
Total Cost of Loan = Total Interest Paid + Principal Loan Amount (which is also equal to Monthly Payment * Loan Term)
Using the NFCU Auto Loan Calculator
To get an estimate, enter the details of your potential car purchase:
Input the Vehicle Price.
Enter your expected Down Payment amount.
Specify the Loan Term in months (e.g., 36, 48, 60, 72).
Enter the Annual Interest Rate you anticipate or have been offered by NFCU. Remember to use the percentage value (e.g., 5.5 for 5.5%).
Click "Calculate Payments".
The results will show your estimated monthly payment, the total interest you can expect to pay over the loan's duration, and the total amount you will have paid for the vehicle by the end of the loan term.
Why Navy Federal Credit Union?
Navy Federal Credit Union is one of the largest credit unions in the United States, serving members of the armed forces, Department of Defense personnel, and their families. They are known for offering competitive rates and terms on various loans, including auto loans. By using this calculator, you can better prepare for discussions with NFCU and understand how different loan scenarios might affect your budget.
Disclaimer: This calculator provides estimates based on the information entered. Actual loan terms, rates, and payments are subject to credit approval, market conditions, and Navy Federal Credit Union's specific lending policies. Always consult directly with Navy Federal Credit Union for official loan offers and details.
function calculateLoan() {
var vehiclePrice = parseFloat(document.getElementById("vehiclePrice").value);
var downPayment = parseFloat(document.getElementById("downPaymentAmount").value);
var loanTermMonths = parseInt(document.getElementById("loanTermMonths").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var monthlyPayment = 0;
var totalInterest = 0;
var totalCost = 0;
// Input validation
if (isNaN(vehiclePrice) || vehiclePrice <= 0) {
alert("Please enter a valid Vehicle Price.");
return;
}
if (isNaN(downPayment) || downPayment < 0) {
alert("Please enter a valid Down Payment amount.");
return;
}
if (isNaN(loanTermMonths) || loanTermMonths <= 0) {
alert("Please enter a valid Loan Term in months.");
return;
}
if (isNaN(annualInterestRate) || annualInterestRate < 0) {
alert("Please enter a valid Annual Interest Rate.");
return;
}
var principal = vehiclePrice – downPayment;
if (principal 0) {
monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTermMonths)) / (Math.pow(1 + monthlyInterestRate, loanTermMonths) – 1);
} else {
// Handle 0% interest rate
monthlyPayment = principal / loanTermMonths;
}
totalInterest = (monthlyPayment * loanTermMonths) – principal;
totalCost = monthlyPayment * loanTermMonths;
// Format results
document.getElementById("monthlyPayment").textContent = "$" + monthlyPayment.toFixed(2);
document.getElementById("totalInterest").textContent = "$" + totalInterest.toFixed(2);
document.getElementById("totalCost").textContent = "$" + totalCost.toFixed(2);
}