## How do I use the auto loan calculator?

Nothing could be easier.

- Click clear and enter values for:
- Amount of Loan
- Number of Payments
- Annual Interest Rate

- Optionally set the dates.
- Leave Loan Payment Amount set to 0.
- Click
**"Calc"**, or**"Payment Schedule"**for a detailed amortization schedule

- Finito!

### Auto Amortization Schedule

#### Info...

**File save and open are new beta test features.**If you happen to get a different calculated result, do not assume that this calculator is making an error. Most likely, the problem is with the new file load feature. Please check that all settings got loaded as expected.

VERY IMPORTANT - You __must__ enter a 0 if you want a value calculated. A few users have wondered why this is. They want to know why the calculator does not just recalculate the last calculation if they change one of the inputs such as the amount of the loan.

The calculator operates this way so you can create a payment schedule using whatever inputs you want to use. This behavior is a feature! By not automatically recalculating a payment, this calculator lets those users that do not have a "typical" auto loan create an amortization schedule.

ABOUT DATES - This calculator now allows irregular length first periods. That is, the calculator calculates the exact amount of interest due even when the initial period is shorter or longer than the other scheduled periods. __This will result in payment amounts as well as interest charges that do not match other calculators__. If you want to match other calculators, then set the "Loan Date" and "1st Payment Date" so that the time between them equals one full period as set in "Payment Frequency." Example: If the "Loan Date" is May 15th and the "Payment Frequency" is "Monthly," then the "1st Payment Date" should be set to June 15th, that is __IF__ you want a conventional interest calculation. See the end of the "Help" text for some more details.

Of course, you can always leave the dates set as they are when the calculator loads.

## Auto Loan Amortization with a Difference

Don't let this page's introduction mislead you.

When designing this auto loan amortization calculator, my objective was to create a calculator that would give you, the user, the ability to estimate the total cost of ownership.

The cost of financing is only part of the story.

To get a complete picture, one has to also consider sales tax, insurance, maintenance, periodic registration fees as well as possible loan application fees. This calculator will account for all these potential costs.

You can use this calculator to answer the following questions:

- What price car can I afford?
- How much will my car payment be?
- What car loan rate do I need?
- How much to put down on a car?
- How many months to finance a car?
- NEW - how much will extra payments save in interest?

### Auto Loan Calculator Help

You should use this calculator if you want to express the down payment as an amount. (Use this site's mortgage calculator if you need to show the down payment as a percentage.)

Unlike our general loan or simple loan calculators, this calculator will allow you to have more than one unknown value in some instances.

To indicate an unknown value, enter "0" (zero).

You can enter the car price, the down payment amount available, the total number of periods, and the interest rate. When you click on "Calc," the amount of the loan and the monthly payment will be calculated.

If you enter the loan amount and "0" for the down payment amount, then the calculator will calculate how much down payment you need.

If you enter "0" for the price of the car, a down payment amount, "0" for the amount of loan, the total periods, the interest rate and the payment you can afford, the calculator will calculate the amount of the loan and the price you can afford to pay for the car. You can use this calculation to tell you what you can afford to pay and borrow and still stay within your budget.

## Comments, suggestions & questions welcomed...