Car Loan Amortization Schedule Generator

A car loan amortization schedule is a table that shows exactly how each monthly payment is split between principal and interest over the life of your auto loan, and how your remaining loan balance decreases month by month. Early payments are mostly interest; later payments are mostly principal. The schedule lets you see the total interest paid, the payoff date for every payment, and the exact balance after any payment — which is critical if you want to make extra payments or pay off the loan early.

Each month, interest is calculated as (remaining balance × APR ÷ 12). The rest of the fixed monthly payment goes to principal. So payment 1: interest = $30,000 × 6% ÷ 12 = $150, principal = $580 - $150 = $430, new balance = $29,570. The standard formula for the monthly payment itself is P × (r × (1+r)^n) ÷ ((1+r)^n - 1), where P is the loan amount, r is the monthly rate (APR/12), and n is the number of months. This tool does that math in the browser and shows you all 24-84 rows of the schedule.

A car loan calculator gives you ONE number — the monthly payment. An amortization schedule gives you the FULL table — every payment broken into principal vs interest, the running balance after each payment, and the cumulative interest paid. If you only care about 'can I afford the monthly payment', a basic calculator is enough. If you want to see when you'll be halfway paid off, how much extra to pay to be interest-free by year 3, or how a $500 extra principal payment changes your payoff date, you need the amortization schedule.

Yes — for most people, extra principal payments on a car loan are a guaranteed after-tax return equal to the loan's APR. At 6.5% APR, every $1,000 of extra principal saves you about $65/year in interest for the remaining life of the loan. The amortization schedule shows you the impact clearly: a $5,000 extra payment in month 12 doesn't change your monthly payment, but it shortens the loan by ~10 months and saves you ~$800-1,200 in interest. The only reason NOT to pay extra is if your car loan APR is lower than what you could earn by investing the cash instead — currently rare.

In 2026, the most common car loan terms are 60 months (5 years), 72 months (6 years), and 84 months (7 years). Shorter terms (36, 48 months) have higher monthly payments but dramatically less total interest — a $30,000 loan at 6.5% APR costs about $4,150 in total interest over 48 months, but $6,309 over 72 months and $7,421 over 84 months. The amortization schedule makes this trade-off visible. Auto loans longer than 84 months are rare and generally not recommended — you're often upside-down on the loan (owing more than the car is worth) for the first 3-4 years.

No. This tool is for standard fully-amortizing car loans where every payment is the same and the loan is paid off at the end of the term. Leases work completely differently — you're paying for the car's depreciation during the lease term plus a money factor (interest), with a residual value at the end that you don't pay off. Balloon payment loans (where the last payment is much larger) also have a different amortization profile. For those, you'd need a dedicated lease calculator or balloon payment calculator — the math is non-trivial and they're outside this tool's scope.