Car Loan Calculator – Estimate Monthly EMI and Total Interest
Use this free car loan calculator to estimate your monthly EMI, total repayment and interest cost for an auto loan. Enter the loan amount (car price minus down payment), annual interest rate and tenure in years. The calculator applies the standard amortization formula and shows a detailed schedule.
Car Loan Calculator
Enter the loan amount (or car price minus down payment), annual interest rate and tenure in years to compute the monthly EMI, total repayment and total interest.
How the car loan EMI formula works
Car loans use the same amortization formula as home and personal loans:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
- P is the principal loan amount.
- r is the monthly interest rate (annual rate divided by 12 and 100).
- n is the total number of monthly payments (years × 12).
Each EMI includes principal and interest. Early payments are mostly interest; later payments shift more toward principal.
Planning your car loan
Before committing to a car loan, compare different loan amounts, interest rates and tenures. A larger down payment reduces your EMI and total interest. A shorter tenure means higher monthly payments but less interest over the life of the loan. Use this calculator to find a plan that fits your budget.
All calculations run in your browser with no data stored or shared. For home loans, try the mortgage calculator; for general loans, use the EMI or loan calculator.