Introduction
This Navy Federal Car Loan Calculator shows what a car loan will cost you each month. Type in the price of the car, your down payment, the loan term, and the interest rate (APR). The calculator works out the numbers right away.
You will see your estimated monthly payment, the total interest you pay, and the full cost of the loan. It also shows the loan amount after your down payment is taken out.
Want more detail? Check the charts to see how your balance drops over time. Open the amortization schedule to see every payment, one month at a time, with the split between principal and interest. The step-by-step section shows the formula and the numbers used, so you can see exactly how the payment was found.
Use it to compare terms, try a bigger down payment, or test a lower rate before you sign for a car loan.
How to use our Navy Federal Car Loan Calculator
Enter the price of the car, your down payment, the loan term, and the interest rate. The calculator shows your monthly car payment, the total interest you will pay, and the full cost of the loan.
Vehicle Purchase Price: Type the full price of the car. Add taxes, title, and fees here if you plan to finance them too.
Down Payment: Type the cash you will pay up front, plus any trade-in value. Use 0 if you are not putting money down.
Loan Term: Pick how many months you want to pay, from 24 to 84. A shorter term means a bigger monthly payment but less interest.
Interest Rate (APR): Type your yearly rate as a percent. Your rate depends on your credit score, the loan term, and the age of the car.
Loan Amount (Amount Financed): This box fills in for you. It is the car price minus your down payment.
Click Calculate to see your results, the cost summary, the charts, and the step-by-step math. Click View Amortization Schedule to see how much of each payment goes to principal and interest. Click Reset to start over.
What Is a Car Loan?
A car loan is money you borrow to buy a vehicle. You pay it back in equal monthly payments over a set number of months, called the term. Each payment covers two things: part of the money you borrowed (the principal) and the cost of borrowing it (the interest).
What Affects Your Car Payment
- Loan amount: The price of the car minus your down payment and trade-in. A bigger down payment means a smaller loan and a lower payment.
- APR (interest rate): The yearly rate you pay to borrow. A lower APR saves you money. Your credit score, the car's age, and the loan term all help set your rate.
- Loan term: How many months you have to pay. A longer term lowers your monthly payment but you pay more interest in total.
How Auto Loan Interest Works
Interest is charged on the balance you still owe. In the early months, more of your payment goes to interest. As the balance drops, more of each payment goes to principal. This is called amortization, and it is why paying extra early can save you a lot.
Things to Remember Before You Borrow
Taxes, title, and dealer fees can be added to the loan, which raises your total cost. Many lenders, including credit unions like Navy Federal, offer rate discounts for new cars, shorter terms, or automatic payments. Getting pre-approved before you shop helps you know your budget and gives you a rate to compare against dealer financing. If you already have a loan, an Auto Refinance Calculator can show whether a new rate is worth it.
A good rule is to keep your car payment at or below about 15% of your monthly take-home pay, and to try for a term of 60 months or less. Also plan for gas, insurance, and repairs, since those costs are not part of your loan payment.