Car loan repayment calculator
Monthly and weekly car loan repayments, with an optional deposit and balloon payment.
Excludes establishment and monthly fees, which change the comparison rate. Not financial advice.
How this calculator works
Repayments use the standard amortisation formula: m = (P − B ÷ (1+r)n) × r ÷ (1 − (1+r)−n), where P is the amount borrowed, B the balloon, r the monthly rate and n the number of months.
Worked example: borrowing $30,000 at 7.5% over 5 years with no balloon gives r = 0.00625 and n = 60, so the repayment is about $601 a month and the total interest is about $6,070. A balloon lowers each repayment but you pay interest on that amount for the whole term.
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