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Car Loan Calculator

Calculate car loan repayments with or without a balloon or residual payment. See total cost, total interest and the full schedule, period by period.

AustraliaScheduled modelClass A · deterministic arithmeticNo statutory rules requiredMethodology
AUD

Repay interest only for the first years, then principal and interest.

A lump owed at the end of the term. It lowers the repayment but not the total cost.

AUD

Optional what-if. Leave empty for the contracted repayment only.

AUD
Fees

Blank means no fee, which reproduces the fee-free result above.

Charged once at settlement. It is added to the total cost, not to the repayment.

AUD

Charged alongside every repayment. It raises the total cost and does not reduce the balance.

AUD
Compare a second offer

Same borrowed amount and repayment frequency; only the rate, term and fees change.

Runs the same engine a second time and shows the difference in total cost.

Enter the loan to see repayments, total interest and the schedule.

Summary

Enter the loan amount, rate and term to see the repayment and the working behind it.

Working

  1. periodic rate = annual rate ÷ periods per year (52 weekly, 26 fortnightly, 12 monthly)
  2. payment = (principal − balloon ÷ (1 + i)ⁿ) × i ÷ (1 − (1 + i)⁻ⁿ)
  3. each period: interest = opening balance × i, principal part = payment + extra − interest
  4. closing balance = opening balance − principal part, rounded to the cent
  5. account fees are added to the total paid and never reduce the balance
  6. the final payment is adjusted so the closing balance is exactly zero

Assumptions

  • The rate is fixed for the whole term; rate changes are not modelled here.
  • Repayments are made in full and on time, on a regular cycle from the first repayment date.
  • Fees are the amounts you enter, not published rates. The establishment fee is treated as payable at settlement.
  • Interest is charged on the payment-period balance, not accrued daily.

Limitations

  • Redraw, offset, honeymoon and introductory rates, and lender-specific fee waivers are not modelled.
  • Comparison rates published by lenders use a different statutory basis and are not reproduced here.
  • Result accuracy class A: deterministic arithmetic on the figures you enter.

Common questions

How are car loan repayments calculated?

The repayment is solved from the amount financed, the periodic rate, the term and any balloon amount, and the calculator then builds the full amortisation schedule period by period. Each period charges interest on the balance carried into it, applies the repayment, rounds to the cent and carries the remainder forward. The result reports the repayment, total interest, total paid and the payoff position at term.

What is a balloon payment on a car loan?

A balloon or residual is an amount deliberately left outstanding at the end of the term, due as a lump sum on the final date. Because the schedule only has to amortise down to the balloon rather than to zero, each repayment is smaller, but the balloon reduces each repayment, not the amount you owe, so more of the balance carries interest for longer. The calculator shows the balloon due at term end beside the repayment and the total paid including it.

Does a balloon payment cost more overall?

It changes the shape of the cost rather than removing it: a larger balloon lowers each repayment but leaves a higher balance accruing interest across the term, so total interest is generally higher. Enter a balloon and then clear it to see both totals on the same loan. The balloon must be smaller than the amount financed, and the calculator rejects a figure that is not.

What happens at the end of a car loan with a balloon?

The balloon falls due as a lump sum on the final repayment date, and settling it typically means paying it, refinancing it or selling the vehicle, options that depend on your contract and are not modelled here. The calculator's job is to state the amount and the date it falls due. Refinancing the residual would be a new loan with its own rate, term and fees, which you can price in the loan calculator.

Can I use this for a car loan under an ABN or for business use?

The schedule mathematics is identical whether the borrower is an individual, a sole trader or a company, so repayments, total interest and the balloon behave the same for a loan taken under an ABN. What differs for business use is tax treatment (GST credits, depreciation and interest deductibility), which this calculator does not model. GST on a business purchase price can be split out in the GST calculator.

Are dealer fees and on-road costs included?

Only to the extent you include them in the amount financed and the fee fields, which cover an establishment fee and an ongoing monthly fee. Registration, vehicle duty, insurance and dealer charges are not sourced by the calculator. Add anything financed into the loan amount so the schedule charges interest on it. The methodology page lists the assumptions in full.

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