Sbi Home Loan Interest Rate Calculator

by

Auto Loan Payment Calculator

Estimate your monthly car payments and total interest costs

12 Months 24 Months 36 Months 48 Months 60 Months 72 Months 84 Months
Monthly Payment
$0.00
Total Loan Amount
$0.00
Total Interest Paid
$0.00
Total Cost (Price+Int)
$0.00

How to Use the Car Loan Calculator

Purchasing a vehicle is a major financial decision. Our car loan calculator helps you break down the true cost of ownership by factoring in taxes, trade-ins, and interest rates. Here is how to navigate the inputs:

  • Vehicle Price: The sticker price or negotiated price of the car before any fees.
  • Down Payment: The cash you are paying upfront. A higher down payment reduces your monthly cost and interest.
  • Trade-in Value: The amount the dealer gives you for your current vehicle.
  • Sales Tax: The percentage charged by your state/local government on the purchase.
  • Interest Rate (APR): The annual percentage rate for your loan, largely determined by your credit score.

Calculation Example

If you purchase a car for $30,000 with a $5,000 down payment, a 7% sales tax rate, and an interest rate of 5% for 60 months:

1. Tax Amount: $30,000 * 0.07 = $2,100
2. Total Loan Amount: $30,000 – $5,000 + $2,100 = $27,100
3. Monthly Payment: ~$511.41
4. Total Interest Paid: ~$3,584.60 over 5 years.

Tips for a Lower Car Payment

To reduce your monthly burden, consider these strategies:

  1. Improve your credit score: Even a 1% difference in APR can save you thousands over the life of the loan.
  2. Extend the term: Moving from 48 to 72 months lowers the monthly payment but significantly increases the total interest paid.
  3. Wait for incentives: Look for 0% APR financing deals from manufacturers if your credit score allows.
function calculateCarLoan() { var vehiclePrice = parseFloat(document.getElementById('vehiclePrice').value) || 0; var downPayment = parseFloat(document.getElementById('downPayment').value) || 0; var tradeIn = parseFloat(document.getElementById('tradeIn').value) || 0; var salesTaxRate = parseFloat(document.getElementById('salesTax').value) || 0; var interestRate = parseFloat(document.getElementById('interestRate').value) || 0; var loanTerm = parseFloat(document.getElementById('loanTerm').value) || 12; // 1. Calculate Tax var taxAmount = vehiclePrice * (salesTaxRate / 100); // 2. Calculate Principal (Loan Amount) var principal = vehiclePrice – downPayment – tradeIn + taxAmount; if (principal <= 0) { document.getElementById('resMonthly').innerText = "$0.00"; document.getElementById('resPrincipal').innerText = "$0.00"; document.getElementById('resInterest').innerText = "$0.00"; document.getElementById('resTotalCost').innerText = "$0.00"; document.getElementById('results-area').style.display = "block"; return; } // 3. Monthly Interest Rate var monthlyInterest = (interestRate / 100) / 12; // 4. Monthly Payment Formula: P * [r(1+r)^n] / [(1+r)^n – 1] var monthlyPayment = 0; if (interestRate === 0) { monthlyPayment = principal / loanTerm; } else { var x = Math.pow(1 + monthlyInterest, loanTerm); monthlyPayment = (principal * x * monthlyInterest) / (x – 1); } // 5. Total Calculations var totalPayable = monthlyPayment * loanTerm; var totalInterest = totalPayable – principal; var totalVehicleCost = totalPayable + downPayment + tradeIn; // Display Results document.getElementById('resMonthly').innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resPrincipal').innerText = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resInterest').innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resTotalCost').innerText = "$" + totalVehicleCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('results-area').style.display = "block"; }

Leave a Comment