Overview

The Car Loan Calculator computes monthly payments and total interest from the vehicle price, down payment, loan term, and interest rate. It uses equal-payment amortization to help you budget and compare financing options.

Formula

Monthly Payment = P x r x (1+r)^n / ((1+r)^n - 1), where P = principal, r = monthly rate (annual rate / 12), n = number of months. Example: 20M KRW, 5% annual, 48 months → approx. 460,592 KRW/month.

How to Use

1. 1Enter the vehicle price.
2. 2Enter the down payment amount.
3. 3Select the loan term (12–84 months).
4. 4Enter the annual interest rate (%).
5. 5Click 'Calculate' to see the monthly payment, total interest, and total cost.

Tips

• ✔A longer term reduces the monthly payment but increases total interest.
• ✔Manufacturer (captive) financing often offers lower promotional rates than banks.
• ✔Balloon payment plans lower monthly payments but require a lump-sum payment at the end.
• ✔A larger down payment reduces total interest costs.
• ✔Check for prepayment penalties — no-fee early repayment can save you interest.

FAQ