Salary to Hourly Rate Calculator Australia

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Car Loan Payment Calculator

Estimate your monthly auto loan payments, total interest, and overall vehicle cost.

Monthly Payment: $0.00
Total Loan Amount: $0.00
Total Interest Paid: $0.00
Total Cost (Principal + Interest + Tax): $0.00

Understanding Your Car Loan Calculation

Buying a car is one of the most significant financial decisions for many households. Using a car loan calculator helps you transition from looking at the "sticker price" to understanding the actual impact on your monthly budget. Our calculator factors in the vehicle price, your down payment, potential trade-ins, and local sales tax to give you a comprehensive view of your financial commitment.

The Math Behind the Monthly Payment

Most auto loans use a standard amortization formula. To calculate the monthly payment (M), we use the following formula:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]

  • P = Principal loan amount (Vehicle price + tax – down payment)
  • i = Monthly interest rate (Annual rate divided by 12)
  • n = Number of months in the loan term
Realistic Example:

Imagine you buy a SUV for $40,000 with a $5,000 down payment. You have a 7% sales tax rate and secure a 5% APR for 72 months.

  • Total Loan Principal: $37,800 (includes sales tax)
  • Monthly Payment: $608.97
  • Total Interest Paid over 6 years: $6,045.84

Key Factors That Influence Your Payment

1. Credit Score: This is the primary driver of your Interest Rate (APR). Higher scores typically secure lower rates, which can save you thousands of dollars over the life of the loan.

2. Loan Term: While a 72 or 84-month loan results in lower monthly payments, you will pay significantly more in total interest compared to a 48 or 60-month loan.

3. Down Payment: Aiming for at least 20% down helps avoid "gap" issues where you owe more than the car is worth (being underwater) as soon as you drive off the lot.

function calculateCarLoan() { // Fetch input values var price = parseFloat(document.getElementById("vehiclePrice").value); var down = parseFloat(document.getElementById("downPayment").value) || 0; var trade = parseFloat(document.getElementById("tradeIn").value) || 0; var rate = parseFloat(document.getElementById("interestRate").value); var term = parseInt(document.getElementById("loanTerm").value); var tax = parseFloat(document.getElementById("salesTax").value) || 0; // Basic validation if (isNaN(price) || isNaN(rate) || isNaN(term) || price <= 0 || term <= 0) { alert("Please enter valid positive numbers for Price, Interest Rate, and Loan Term."); return; } // Calculate Tax Amount (Applied to the price minus trade-in in many states) var taxableAmount = price – trade; var taxTotal = taxableAmount * (tax / 100); // Calculate Principal (Loan Amount) var principal = (price – down – trade) + taxTotal; if (principal <= 0) { alert("Down payment and trade-in exceed the car price. No loan required!"); return; } // Monthly Interest Rate var monthlyRate = (rate / 100) / 12; // Monthly Payment Calculation var monthlyPayment = 0; if (rate === 0) { monthlyPayment = principal / term; } else { var x = Math.pow(1 + monthlyRate, term); monthlyPayment = (principal * x * monthlyRate) / (x – 1); } var totalCost = (monthlyPayment * term) + down + trade; var totalInterest = (monthlyPayment * term) – principal; // Display results document.getElementById("resMonthlyPayment").innerHTML = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("resLoanAmount").innerHTML = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("resTotalInterest").innerHTML = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("resTotalCost").innerHTML = "$" + totalCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("results").style.display = "block"; }

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