Expertise in Every Loan

Monthly payment

Loan amount

Total interest cost

Total loan payments

Payoff date

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Glossary of Terms

Monthly Payment

This is the fixed amount you pay each month to repay your auto loan. It includes both principal and interest.
Calculation: It's determined using the loan amount, monthly interest rate, and loan term. The formula used is typically the loan amortization formula, which ensures that the payments are equal each month.

Loan Amount

This is the total amount you borrow from the lender after making a down payment on the vehicle.
Calculation: Subtract the down payment from the vehicle's purchase price to get the loan amount.

Total Interest Cost

This is the total amount of interest you will pay over the life of the loan.
Calculation: Subtract the original loan amount from the total of all monthly payments made over the loan term. This gives you the total interest paid.

Total Loan Payments

This is the cumulative amount of all the monthly payments made throughout the loan term.
Calculation: Multiply the monthly payment by the number of months in the loan term.

Payoff Date

This is the date on which your loan will be completely paid off.
Calculation: Add the loan term (in months) to the loan start date to determine when the final payment will be made.

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