Car Loan EMI Calculator
Enter the amount you finance after your deposit and any trade-in, the rate on the finance agreement and the term in years. The calculator shows the true monthly cost and how much interest the deal adds.
Your loan details
Your result
Monthly payment
$579.88
for 5 yr (60 payments)
- Total interest
- $6,793
- Total repayment
- $34,793
Borrowing $28,000 at 8.9% over 5 years costs $579.88 a month. You repay $34,793 in total, of which $6,793 is interest — about 20% of everything you pay.
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Worked example
Suppose you borrow $28,000 at 8.9% a year over 5 years (60 monthly payments).
- Monthly payment$579.88
- Total repayment$34,793
- Total interest$6,793
Dealers often quote the monthly payment only — stretching the term lowers it while raising total interest.
How the numbers are calculated
The monthly payment uses the standard amortization (EMI) formula, which spreads the loan and its interest evenly so every payment is identical:
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P — the amount borrowed.
- r — the monthly rate, i.e. the annual rate divided by 12 and by 100.
- n — the number of monthly payments (years × 12).
Total repayment is simply the monthly payment multiplied by the number of payments, and total interest is that total minus the amount you borrowed. Interest is charged on the balance still outstanding, so early payments are mostly interest and later ones are mostly principal.
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Disclaimer: This calculator provides general estimates for information only and is not financial advice. Actual payments depend on your lender's fees, rounding, payment dates and any rate changes. Confirm figures with your lender or a qualified adviser before making a borrowing decision.