Loan and vehicle payment calculator

Fixed monthly payment = P × r/(1 − (1 + r)^−n), where r is annual interest rate divided by 12 and n is the number of months. At zero interest, payment = principal/months. Extra payments reduce principal; the final payment is capped at the remaining balance plus interest.

Vehicle amount financed = price + entered purchase tax + financed fees + old loan payoff − trade-in allowance − cash down payment. Choose trade-in tax treatment explicitly from the rules applicable to your purchase. This generic calculator is not affiliated with Bank of America or any lender.

The result above uses these exact values. This snapshot is included when the page is printed so the output can be checked against the original measurements.

Financing input

Loan principal directly

Loan principal

20000

Annual loan interest rate

6 %

Loan term

60 months

Extra payment each month

0

Primary result: Amount financed: 20000.00.

• Check the selected mode, units and input values before using the result.
• Read the assumptions and rounding rules; compare the worked example with your intended calculation.
• A numerical result does not supply missing context or change the stated limitations.

Use the contractual nominal interest rate, which may differ from disclosed APR when fees are included. Assumes end-of-month payments and monthly interest, with no variable rate, daily accrual, balloon, prepayment penalty or missed payments. Results use full precision internally and round display values; a lender’s cent-rounding schedule may differ. Tax treatment and approval are not determined here.