Car Loan Amortisation Calculator

Use our Car Loan Amortisation Calculator to understand the true cost of a car loan over time. Calculate the total interest paid and see how minimum repayments can keep you in debt for longer.

Updated 5 April 2025

Summary

Managing car loan debt can be challenging, especially with the ongoing costs of running a car such as petrol, insurance, WOF and parking. If you fall behind on loan repayments, the costs can jump up with penalties and late charges.
Too many New Zealanders have expensive car loan, and it's not going away - this March 2022 story from Stuff.co.nz explains how fall behind on car loan repayments.
To help you understand the long-term costs associated with a car loan, we've created this Car Loan Amortisation Calculator.

How to Use the Calculator
Insert the following details:

Your Car Loan Debt: The current balance owing on your car loan.
The Term: The number of years you plan to pay off the car loan.
The Interest Rate: The annual interest rate you are charged.
The Start Date: The date you begin making payments.

Example Calculation for Car Loan

John is considering taking out a car loan of $10,000, which he plans to repay over three years at an interest rate of 15.00% per annum, starting from today. Using these figures in our car loan calculator, the following results are obtained:

Monthly Payment: $347 (this is an estimate and actual payments may vary based on loan terms)
Total Payments Over 60 Months: $12,480
Total Interest Paid: $2,480

This example helps illustrate the financial commitment involved in taking out a car loan, helping you plan your finances accordingly.

Amortisation Schedule
The calculator provides a detailed amortisation schedule showing how much of each payment goes towards the principal and interest each year, as well as the remaining balance:

Car Loan Debt Amortisation Calculator

Car Loan Debt

$

Term

Years

Interest Rate

%

Start Date

Calculate

464.84

Monthly Payment

Over 120 Payments

Total Interest

Pay-off Date

Amortisation Schedule

Yearly Amortisation

Monthly Amortisation

Important Considerations

Fixed repayments: The calculations assume that you make the same car loan repayment for the entire repayment period.
Stable interest rate: The interest rate is assumed to remain constant without any increase or decrease.
Consistent payments: It is assumed you do not miss any repayments, overpay, or underpay during the term.

Video guidance: MoneyHub Founder Christopher Walsh explains how the calculator works in the video below: