Car loan amortization schedule
A car loan amortizes exactly like a small mortgage: level payment, monthly interest on the remaining balance, principal share growing as the balance falls. The generator below builds the full table for your loan and models early payoff — the preset shows an example $35,000 loan over 60 months at a 7% example rate; replace it with your own figures from the loan offer or your latest statement.
One honest caveat for car loans specifically: most are daily simple interest loans, so your lender charges interest by the day on the actual balance. The schedule here uses standard monthly accrual — on-time payments land within a few dollars of your lender’s figures, but if you pay early or late in the cycle, the daily-interest reality shifts pennies into dollars. The upside of daily interest: extra principal starts saving you money the day it posts.
Preset: example $35,000, 60-month loan — replace with your own numbers
Payment-by-payment schedule
| # | Date | Payment | Principal | Interest | Extra | Balance |
|---|
Click a year to expand its payments. Exports and print always include every payment.
How it works
- Open this page — the calculator is already set up for "Car loan amortization schedule". Swap in your own amount, rate and term.
- Read off the payment, the payoff date and total interest. The full payment-by-payment table is right below.
- Add extra payments or switch to biweekly to watch the payoff date move and the interest saved appear.
- Download the schedule as Excel, CSV or PDF — generated on your device; your loan details never leave your browser.
Reading the table before you sign
The dealership conversation happens in monthly payments; the table shows what the payment hides. Two things to check on your real offer: total interest over the term (the number the payment quote never mentions), and how much balance remains at the moment you’ll likely want to sell or trade — typically year two or three. If that balance is above the car’s resale value then, you’re negative-equity shopping with a trade-in you still owe on. Generating the schedule takes less time than the test drive.
Good to know
- Payoff quotes from lenders are dated to the day because of daily interest — the balance column here tells you the neighborhood; call the lender for the exact 10-day payoff figure.
- Extra principal on a daily-interest loan takes effect immediately; make sure the payment is flagged principal-only so it isn’t applied as an early next payment.
- Some states and lenders use “precomputed interest” contracts where early payoff saves little — rare now, but check the contract for “Rule of 78s” language before assuming the table’s savings apply.
Frequently asked questions
Why is my lender’s payoff amount different from the balance in this table?
Three reasons: daily interest accrued since your last payment, any fees on the account, and the fact that a payoff quote includes interest through the quoted payoff date. The schedule’s balance is the after-payment figure on payment day. They should sit within a few dollars of each other on an on-time account.
Does paying my car loan early hurt my credit score?
Closing an installment account can drop scores a few points temporarily (average account age and mix effects), and it costs whatever interest the remaining schedule held. That’s usually a fine trade — interest savings are real money; the score dip is small and fades. If you’re about to apply for a mortgage, wait until after closing to make big account changes.
Should I pick the 60-month term or stretch to 72 for the lower payment?
Stretching the term buys a lower payment with more total interest and more time underwater on the car’s value. The 72-month page on this site shows the full comparison table at 48/60/72/84 months so you can see the price of each step. If the 60-month payment only fits by stretching, that’s the car budget talking, not the loan.