Car Loan Repayment & Balloon Payment Calculator
Work out monthly car finance repayments, total interest, and the balloon residual owing at term end.
Last reviewed by the myCalculator Editorial Team
Input Parameters
A balloon lowers monthly repayments but leaves a lump sum owing at term end.
Calculation Results
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Formula & How Car Loan Repayment & Balloon Payment Calculator Works
A car loan is repaid in equal instalments that cover interest and principal. On a $45,000 car with a $5,000 deposit and a $395 establishment fee, the amount borrowed is $40,395. At 7.99% over 5 years the repayment is about $819 a month, and total interest is about $8,737. A balloon or residual payment lowers the monthly repayment but leaves a lump sum to pay at the end, and increases the total interest. Compare the comparison rate, which includes fees, not just the headline rate, and check whether you can make extra repayments. A shorter term costs less interest overall, and a bigger deposit lowers both the repayment and the interest.
- Enter Vehicle Price ($) ($): Input your target parameter value.
- Enter Deposit / Trade-In ($) ($): Input your target parameter value.
- Enter Interest Rate (% p.a.) (%): Input your target parameter value.
- Enter Loan Term (Years) (years): Input your target parameter value.
- Enter Balloon / Residual (% of Vehicle Price) (%): Input your target parameter value.
- Enter Establishment Fee ($) ($): Input your target parameter value.
- Apply Formula: Calculate using
M = (P - Balloon/(1+r)ⁿ) × [r(1+r)ⁿ] / [(1+r)ⁿ - 1], where P = Price - Deposit + Fees. - Review Results: View exact computed answers, metrics, and worked mathematical proofs.
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Frequently Asked Questions (FAQs)
Does a balloon payment make a car loan cheaper?
No. A balloon lowers the monthly repayment but raises total interest, because the balloon amount remains outstanding for the entire term and accrues interest the whole time.
What interest rate is typical on an Australian car loan?
Secured new-car loans from banks typically run 6.5%–9% p.a., while unsecured personal loans used for older vehicles commonly sit between 10% and 16% p.a.
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Authoritative Standards & Verified Reference Citations
Calculations and mathematical logic on this page are grounded in published statutory rules, regulatory standards, and official government data published by the following bodies:
Consumer guidance on mortgage borrowing capacity, compound interest formulas, and loan fees.
Official cash rate target announcements, monetary policy statements, and national economic statistical data.
Official U.S. Federal Funds Rate and comprehensive macroeconomic time-series data.
Key Eurozone interest rates, deposit facility rates, and monetary policy operations.
Residential mortgage serviceability buffer framework (3.0% stress test hurdle rate).
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