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Auto Loan Calculator


First New Mexico Bank, Las Cruces
Auto Loan Calculator
Enter a "0" (zero) for one unknown value above.

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"Can I get a new car?"

This Auto Loan Calculator can do so much more than calculate your monthly payment! It can help you figure out what price of car you can afford, how much down payment would be required, or your total loan amount. It will also create a detailed amortization schedule showing date-based payments as well as a set of helpful charts.

Using This Calculator

  • "Price of Auto": Enter the price of the auto you are considering.
  • "Down Payment?": Enter the amount of any down payment you will be making.
  • "Amount of Loan?": This will be automatically calculated from the "Price of Auto" and "Down Payment" fields.
    • If you enter zero for the down payment, you will need to enter the same number here as you did in "Price of Auto".
  • "Number of Months?": How long you want to take to repay the loan.
    • Some common values are:
      • 48 = 4 years
      • 60 = 5 years
      • 72 = 6 years.
  • "Annual Interest Rate?": Enter what you estimate your APR will be for the loan.
    • This value will vary based on current rates and your credit worthiness, etc. So adjusting this number will allow you to see the effect of different rates on your payments and total costs.
  • "Payment Method?": When you want to make your monthly payments .
    • Making payments at the beginning of each statement period can reduce the amount of interest you pay over the life of the loan.  Adjusting this setting will allow you to see how much of a difference it can make.
  • Press the "Calc" button and the remaining fields will be calculated.
  • Press the "Schedule" button to see a date-based schedule of payments with information about how much of each payment gets applied to principal and interest among other information.
  • Press the "Charts" button to see informational charts based on the current calculations.

 

*The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.