Calculating ATV loan payments involves considering several factors such as the vehicle price, interest rate, loan term, and any additional costs. Here's a step-by-step guide on how to use this calculator and understand the calculations behind it.
The basic formula used for calculating monthly loan payments is:
M = P * (r * (1 + r)^n) / ((1 + r)^n - 1)
Where:
Let's calculate the loan payments for an ATV with the following details:
Therefore, the monthly payment would be $153.44, and the total interest paid over the life of the loan would be $1,076.40.
The following chart illustrates the amortization of your ATV loan over time:
Below is the amortization schedule for your ATV loan:
| Payment Date | Payment | Principal | Interest | Total Interest | Balance |
|---|---|---|---|---|---|
| Nov 2024 | $187.39 | $146.02 | $41.38 | $41.38 | $9,783.99 |
| Dec 2024 | $187.39 | $146.62 | $40.77 | $82.14 | $9,637.36 |
| Jan 2025 | $187.39 | $147.23 | $40.16 | $122.30 | $9,490.13 |
| Feb 2025 | $187.39 | $147.85 | $39.54 | $161.84 | $9,342.28 |
| Mar 2025 | $187.39 | $148.46 | $38.93 | $200.77 | $9,193.82 |
| Apr 2025 | $187.39 | $149.08 | $38.31 | $239.07 | $9,044.73 |
| May 2025 | $187.39 | $149.70 | $37.69 | $276.76 | $8,895.03 |
| Jun 2025 | $187.39 | $150.33 | $37.06 | $313.82 | $8,744.70 |
| Jul 2025 | $187.39 | $150.95 | $36.44 | $350.26 | $8,593.75 |
| Aug 2025 | $187.39 | $151.58 | $35.81 | $386.07 | $8,442.17 |
| Sep 2025 | $187.39 | $152.21 | $35.18 | $421.24 | $8,289.95 |
| Oct 2025 | $187.39 | $152.85 | $34.54 | $455.78 | $8,137.10 |
| ... (showing first year and last year) ... | |||||
| Nov 2028 | $187.39 | $153.49 | $33.90 | $489.69 | $7,983.62 |
| Dec 2028 | $187.39 | $154.12 | $33.27 | $522.95 | $7,829.49 |
| Jan 2029 | $187.39 | $154.77 | $32.62 | $555.58 | $7,674.73 |
| Feb 2029 | $187.39 | $155.41 | $31.98 | $587.55 | $7,519.31 |
| Mar 2029 | $187.39 | $156.06 | $31.33 | $618.88 | $7,363.25 |
| Apr 2029 | $187.39 | $156.71 | $30.68 | $649.56 | $7,206.54 |
| May 2029 | $187.39 | $157.36 | $30.03 | $679.59 | $7,049.18 |
| Jun 2029 | $187.39 | $158.02 | $29.37 | $708.96 | $6,891.16 |
| Jul 2029 | $187.39 | $158.68 | $28.71 | $737.68 | $6,732.49 |
| Aug 2029 | $187.39 | $159.34 | $28.05 | $765.73 | $6,573.15 |
| Sep 2029 | $187.39 | $160.00 | $27.39 | $793.12 | $6,413.15 |
| Oct 2029 | $187.39 | $160.67 | $26.72 | $819.84 | $6,252.48 |
This diagram shows the proportion of principal to interest in the total amount paid over the life of the loan. The larger blue section represents the principal amount, while the smaller green section represents the total interest paid.