66 Month Auto Loan Calculator

How to Use This Calculator

Using this calculator is simple:

1. Enter the loan amount you're considering (e.g., $25,000)
2. Input your annual interest rate (e.g., 5.5%)
3. Specify your down payment amount (if any)
4. Click "Calculate" to see your monthly payment, total interest, and total cost
5. Review the amortization chart to see how your loan balances over time

The calculator uses the standard auto loan formula to provide accurate results. All calculations are done locally in your browser for your privacy.

Formula Explained

The calculator uses the following formula to determine your monthly payment:

After calculating the monthly payment, the total interest is calculated by multiplying the monthly payment by 66 and subtracting the principal amount. The total cost is simply the sum of the principal and total interest.

Worked Example

Let's calculate a 66-month auto loan for $25,000 at 5.5% annual interest with no down payment:

1. Principal = $25,000
2. Monthly interest rate = 5.5% / 12 / 100 = 0.004583
3. Number of payments = 66
4. Monthly payment = $25,000 × (0.004583(1 + 0.004583)^66) / ((1 + 0.004583)^66 - 1) ≈ $462.50
5. Total interest = ($462.50 × 66) - $25,000 ≈ $1,350
6. Total cost = $25,000 + $1,350 = $26,350

This example shows that over 5.5 years, you would pay approximately $462.50 per month, with $1,350 in total interest, bringing your total cost to $26,350.