🚗 Car Loan Calculator
Calculate your car loan EMI instantly using sliders or input fields and track your repayment with a detailed amortization schedule.
Loan Repayment Summary
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📘 Your Amortization Details
| Month | Principal Paid | Interest Paid | Total Payment | Remaining Balance |
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About the Car Loan Calculator
Our Car Loan Calculator helps you quickly estimate your monthly EMI (Equated Monthly Installment), total interest payable, and the overall repayment amount for your car loan. Whether you're buying a new or used car, this tool gives you a clear understanding of your financial commitment and helps you plan your budget effectively.
🔢 How the EMI is Calculated
The EMI is calculated using the standard formula for loan repayment:
EMI = [P x R x (1 + R)N] / [(1 + R)N - 1]
Where:
P = Loan amount (Principal)
R = Monthly interest rate = Annual Rate ÷ 12 ÷ 100
N = Loan tenure in months
This formula ensures that your monthly payment stays consistent throughout the loan period, while the interest and principal portions change each month.
📊 Amortization Schedule
The calculator also provides a detailed Amortization Schedule showing how much of each payment goes towards the loan principal and how much covers interest. You can see your outstanding loan balance decrease over time, helping you stay on top of your repayment plan.
💡 Why Use This Tool?
- Calculate your monthly car loan payments accurately
- Compare different loan amounts, interest rates, and repayment tenures
- Understand the total cost of your car loan including interest
- Plan for early repayments or refinancing options with clear amortization details
