How to use an auto loan calculator to determine the total cost of your loan?
At Allcalculator.net, our Auto Loan Calculator is a reliable and convenient tool that assists you in determining both your monthly car loan payment and the overall cost of the loan. If you already know the monthly payment amount, our calculator can provide you with valuable information about the vehicle purchase price and additional auto loan details.
Steps to use an Auto Loan Calculator!
- First, enter the Auto price.
- Enter the Down Payment and trade-in values as needed, which are optional. Leave it blank if you don't pay it.
- Enter the loan term in months or years
- Enter the interest rate in percentage
- Sales tax is optional, so you can enter it if you want to include it in the calculation.
- Checkbox options allow you to include all fees in the loan; check if needed.
- Just press the calculate button.
- Finally, you can see the loan estimation on the result screen, which shows you the monthly pay, sales tax, total loan amount, interest paid, total loan and interest, total cost of the car, and the estimated payoff date.
- You can find the monthly amortisation schedule with all the required details.
Total loan cost calculator
It can be used to calculate the cost of the loan after repaying the same until the end of the period. The formula for the total loan cost calculator is:
(L*R*(1+R) n*F) / ((1+R) n*F -1)
L – Loan amount
R - Total outstanding amount
n – Number of periods for which loan is required to be paid
F – Frequency for which interest is to be paid out
The steps to calculate the total loan are as follows:
- Determine the loan amount that has to be borrowed and enter the loan amount as required
- Determine the rate of interest which shall be applicable and find out the rate to calculate the cost of interest
- Multiply the loan amount by the equivalent rate of interest determined in the above step
- Discount the above result obtained in the 4th step as given in the formula
- Enter the formula, obtain instalments periodically
- Multiply the instalments by several periods and frequencies to determine the total cost of the loan