Auto Loan Calculator US Bank
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Reviewed by Calculator Editorial Team
This auto loan calculator helps you estimate your monthly payments and understand the total cost of financing a new or used vehicle. It's designed to be compatible with US Bank's loan terms and calculations.
How to Use This Calculator
To calculate your auto loan payments:
- Enter the loan amount (the price of the vehicle)
- Select the loan term (how many years you'll repay the loan)
- Enter your estimated annual percentage rate (APR)
- Click "Calculate" to see your monthly payment and total interest
The calculator will show you:
- Your estimated monthly payment
- Total interest paid over the life of the loan
- A breakdown of principal and interest payments
- A chart showing how your payments are allocated
Formula Used
The calculator uses the standard auto loan payment formula:
Monthly Payment = P × (r(1 + r)^n) / ((1 + r)^n - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate (APR ÷ 12 ÷ 100)
- n = Number of payments (Loan Term × 12)
This formula calculates the fixed monthly payment for an amortized loan, where each payment is split between principal and interest.
Worked Example
Let's calculate a loan for a $25,000 vehicle with a 4.5% APR over 5 years:
- Principal (P) = $25,000
- Annual Interest Rate = 4.5%
- Monthly Interest Rate (r) = 4.5% ÷ 12 ÷ 100 = 0.00375
- Loan Term in Months (n) = 5 × 12 = 60
Plugging these into the formula:
Monthly Payment = $25,000 × (0.00375(1 + 0.00375)^60) / ((1 + 0.00375)^60 - 1)
Monthly Payment ≈ $454.23
Total interest paid over 5 years: $2,725.40
Total amount paid: $27,725.40