Car Payment Calculator – A Free Online Calculator With Amortization Table #auto #check


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Car Payment Calculator

Calculate Car Payments and Interest Costs

Need to know how much it will cost to buy a new auto? The car payment calculator will show you what your monthly payments will be if you borrow money to purchase an auto. What s more, you ll see what the vehicle truly costs after you account for the interest you ll pay on the loan.

About.com s free car payment calculator includes an amortization table so you can understand how your loan works. This is a set of numbers that breaks down all of the details of your auto loan for every month, including:

  • Each month s payment
  • How much of each payment goes towards reducing your loan balance
  • How much of each payment is your interest cost
  • Total amount remaining on your loan
  • Total amount of interest paid up to any point

If you want, you can even copy this information into a spreadsheet to further slice and dice the numbers. Tip: if you re using Excel, you ll have to select everything, and then use Data — Text to Columns to split the numbers up into separate columns.

The car payment calculator is already set up for a 5 year loan. There are longer term loans available, but you should generally avoid loans that last longer than 5 years. Sure, you ll get a lower monthly payment with those loans, but you ll pay down your loan balance slowly so slowly that you risk being upside-down on the loan (an unfortunate situation in which you owe more on your auto than it s worth). Then you might find yourself in the difficult position of trying to sell your car while there’s still a loan outstanding.

Car Payment Calculator


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