Auto Loan Amortization Calculator

An auto loan amortization calculator allows you to see how much money you pay in principal and interest over time.
By NerdWallet 
Updated
Edited by Dawnielle Robinson-Walker

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While auto loan calculators show you a payment that remains the same throughout the life of the loan, the amount you pay toward interest typically changes each month.

The amount of interest you pay is based on the loan balance on your payment due date. If you pay more than the interest — and your car loan almost certainly requires that you do — the remainder is applied to your principal.

Thus, each month, a little less goes toward interest and a little more toward principal. An auto loan amortization schedule allows you to see that shift from month to month.

For example, if you borrowed $20,000 for 60 months and your APR was 5%, your payment would be $377.42. If you pay that amount the first $83 goes to interest and the principal is reduced by $294. Then the next month, the amount you pay interest on would be $19,706, not $20,000. The amortization calculator shows your balance and interest paid at any time during the course of your loan.

See if refinancing can save you money

Auto loans from our partners

Auto Credit Express - Used car purchase loan logo
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on Auto Credit Express

Auto Credit Express

Auto Credit Express - Used car purchase loan logo
Est. APR 

N/A

Min. credit score 

525

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on Auto Credit Express

MyAutoloan - Used car purchase loan logo
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on MyAutoloan

MyAutoloan

4.5

NerdWallet rating 
MyAutoloan - Used car purchase loan logo

4.5

NerdWallet rating 
Est. APR 

6.43 - 29.99%

Min. credit score 

575

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on MyAutoloan

Consumers Credit Union - Used car purchase loan logo
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on Consumers Credit Union

Consumers Credit Union

4.0

NerdWallet rating 
Consumers Credit Union - Used car purchase loan logo

4.0

NerdWallet rating 
Est. APR 

6.63 - 18.54%

Min. credit score 

620

Check Rate

on Consumers Credit Union

Does this number ever matter? Yes, if you:

  • Wonder whether you are upside-down on your loan (owe more than the car is worth).

  • Are curious about how much equity you have for trade purposes.

  • Are trying to decide where to spend your extra money most effectively.

The amortization calculator also lets you see the effects of making extra payments toward principal, or lowering the interest rate through refinancing your auto loan.

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