Car loan repayment calculator
Estimate your monthly car loan repayment, including the effect of a balloon or residual payment, from the loan amount, interest rate and term.
Total repaid (including any balloon): $0
Estimate only, for general information and not personal financial advice. It assumes a constant interest rate and excludes establishment and monthly fees, insurance and any early-repayment cost. A balloon payment lowers the monthly repayment but leaves a lump sum owing at the end. Last checked June 2026.
How the calculator works
The calculator uses the standard amortisation formula lenders use for a secured car loan. It takes the amount you borrow, converts the annual rate into a monthly rate, and spreads the loan across the months in the term. If you enter a balloon payment, the calculator only amortises the part of the loan above the balloon, then adds the balloon back into the total repaid, which is why a balloon lowers the monthly figure but raises the total interest.
Why the comparison rate matters more than the headline
The advertised rate is rarely the whole story. The comparison rate folds in most fees, so it is the fairer number to plug in and to compare lenders on. A secured car loan, where the car is the security, is almost always cheaper than an unsecured personal loan, and dealer finance is convenient but worth checking against a bank or broker. The full rundown is in how to finance a car.
The catch with balloon payments
A balloon (or residual) payment lowers your monthly repayment by leaving a lump sum, often 20 to 40 per cent of the price, owing at the end. It can suit a business using a chattel mortgage, but for a private buyer it means more interest overall and a large bill to refinance or pay when the loan ends. Use the balloon field to see exactly what it does to the monthly repayment and the total.
The bottom line
Use the calculator to compare scenarios, a lower rate, a shorter term, a smaller balloon, and watch what each does to the repayment and the total interest. When you are ready for real numbers, compare lenders with a tool like Your Finance Guide before you sign anything, and get a pre-approval so you can negotiate as a cash buyer.