Dealers quote a monthly payment, not a rate. Enter the loan amount, monthly payment and term to reveal the real interest rate you're being charged — or switch modes to work out the repayment. Works for cars and any asset loan, with an optional balloon (residual) payment.
This tool works in both directions. Use "Work out the monthly payment" when you know the interest rate and want your repayment, or "Work out the rate" when you know the repayment (for example from a dealer quote) and want to reveal the actual interest rate behind it — useful for checking whether a finance offer is as good as it sounds.
A balloon (or residual) payment is a lump sum left owing at the end of a car or asset loan. It lowers your monthly repayments because you're not paying the whole amount off over the term — but you'll owe that lump sum at the end, which you'll need to pay, refinance, or cover by selling the asset.
Dealers often quote a monthly repayment rather than an interest rate. By entering the loan amount, the quoted monthly payment, the term, and any balloon, the "Work out the rate" mode reveals the real annual interest rate you're being charged — so you can compare it against a bank or credit union car loan.
This estimates your car loan repayment. To keep it simple, it assumes the following:
These figures are estimates for guidance only, not a finance quote. Confirm exact repayments, fees, and any balloon payment with your lender.
You’re financing a $30,000 car over 5 years at 8%, and want to know the monthly payment (no balloon).
| Loan amount | $30,000 |
| Interest rate | 8% p.a. |
| Term | 5 years |
| Monthly repayment | $608 |
| Total interest | ~$6,500 |
Switch to "Work out the rate" mode, then enter the loan amount, the monthly repayment you have been quoted, the loan term, and any balloon payment. The calculator solves for the annual interest rate behind those numbers, which is useful for comparing a dealer offer against other lenders.
A balloon payment is a lump sum left owing at the end of the loan. Because you are not repaying the full amount over the term, your monthly repayments are lower, but you must pay, refinance or otherwise cover the balloon amount when the loan ends.
Yes. The same maths applies to any amortising asset loan such as equipment, machinery, caravans or boats, including those with a residual or balloon payment at the end.
Yes, it is completely private. Every calculation runs locally in your browser, so the figures you enter are never sent to a server, never stored, and never shared. There are no accounts and no sign-up.
CalcEezy is a free collection of financial calculators built to help you make quick, informed decisions about loans, savings, and investments.
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Mortgage repayments, car & asset loan rates, NPV & IRR, loan payoff timelines, year-to-date pay, percentage calculations, and date counting. Each is designed to be simple, accurate, and fast.
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